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(March 26, 2002) CORN: A very subdued two-week recovery barely grazed the ten-week moving average and then dropped to another new low for the move. Tone and trend continue to speak of lower prices as the market moves inexorably toward a fourth attack on the 1.99 support level. Seasonal pressures are bearish for futures during April and there is no monthly cycle to soften the blow. Destiny lies somewhere below 1.99 in this, the sixth year of decline for nearby corn. Previous excursions below that level over the last four years have generally held at 1.88, but in August of 2000 corn sank as low as 1.74. Either way, there is no need to be in a hurry to find a bottom.


 
Dave Norton

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