Corn To Average USc560/bushel In 2011

Short-term direction for front-month (December) Corn will depend largely upon the November world supply and demand (WASDE) estimates from the US Department of Agriculture (USDA), which will be released on November 9. Given that the contract has been testing resistance around USc588/bushel in recent days, in the event of a further reduction to estimates for the US 2010/11 crop we would expect prices to break higher and potentially head up above the psychologically important USc600/bushel area.

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