Corn Sinks As Crude Oil Tumbles

An article on Farm Futures

July corn futures fell 0.75 cent to $4.4325 per bushel late in overnight trading after shedding another 2.75 cents Monday to $4.44, the contract’s fourth decline in the past five days and its lowest close since Feb. 9. December corn fell 1.75 cents to $4.7075 after earlier dropping to $4.6850, the contract’s lowest intraday price since March 5. 

Corn technicals continued to sag overnight with July and December futures tracking for the contracts’ third consecutive daily declines as chart breakdowns fueled fund selling. July futures held above Monday’s low at $4.40, but December futures pushed slightly below the April lows, suggesting the new-crop contract may be on the verge of another leg lower. Downside levels to watch include the March low at $4.67 and the February low around $4.53.

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