US Corn Harvest Behind Schedule

Avatar for Matt Hopkins By Andrea Klosterman Harris|22 October 2008

The US Department of Agriculture reports that the US corn harvest is behind schedule, with just 29% of the crop harvested as of October 22, 2008, down from 58% last year and the average of 53%. However, some analysts say the corn being harvested has better-than-expected yields, adding to pressure on the market. Harvest pressure will weigh on prices, say analysts — prices which were below technical support at the week’s low at $4.06 1/2 and psychological support at $4. A technical analyst said the next upside price objective is to push and close December prices above solid resistance at $4.50.

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