CBOT Corn

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DailyGraphCBOTChicago corn, for December delivery, is just pivoting around its technical support/resistance level of $3.33/bushel as shown in the 4hour chart below.  Traders will look ahead at the August WASDE report released later today to set the tone for the next month.  Analyst expectations look as follows:  U.S. Corn yield is expected to come in around 170.6bu/acre vs July’s estimate of 168bu, U.S. corn production is expected to come in at 14.76bil bu and vs the July estimate of 14.54bil bu, U.S. corn ending stocks are expected to come in higher at 2.255bil bu vs July estimate of 2.081bil bu.  Nearby support is seen at $3.23 whilst nearby resistance is seen at $3.46