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Corn Bulls Gain Some Upside Technical Momentum

December 15, 2008
 
 
 

   March corn futures on the Chicago Board of Trade on Monday

hit a fresh four-week high of $3.90 a bushel. The key "outside

markets" have been bullish very recently--a sharply lower U.S.

dollar versus the other major currencies and higher crude oil

prices.

    March corn has seen a price rally of  around 75 cents a

bushel from the Dec. 5 contract low of $3.05 1/2. The next upside

technical objective for the corn bulls is to produce a close back

above major psychological resistance at $4.00 a bushel.

    While the corn market bulls have gained near-term upside

technical momentum the past week, prices are still trading below

a downtrend from the late-June contract high of $8.16 a bushel.

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RELATED TOPICS: Crops, Other Crops, Small Grains

 
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