September 22, 2008
US corn may rebound after government rescue plans
US corn futures were expected to open 7 to 10 cents per bushel higher on Friday from Thursday's declines after a proposed US government rescue of the ailing financial sector.
Asian trade for corn was up 3/4 to 10-1/2 cents per bushel and rally in crude oil was also supportive.
The dry weather in the US Midwest over the next five days will help fields recover from recent rains and help corn and soy crops to move toward maturity.
Argentine corn export halt is expected to support US corn whereas US cash corn bids are flat as farmers sell at a slow pace.
December contract is below all key moving averages and nine-day RSI is at 38.