MUMBAI (Commodity Online): Corn ended lower Friday on a stronger dollar, but still posted gains for the week. The market gave back some of its recent gains as it ran into technical resistance. The dollar was the main factor, traders said.

“If the dollar wasn’t going to the moon, we could have a heck of a rally going,” said Jerry Gidel, analyst with North American Risk Management Services. The May contract gained 10 ¼ cents on the week. Saturated soils and worries about planted Corn acreage are underpinning the market, traders add.

Informa’s corn acreage projection for 2010 was somewheat friendly, they said. Funds sold an estimated 4,000 contracts on the day. May corn ended down 1 ½ cents to $3.74 1/2 per bushel, and July corn closed down 1 1/2 cents to $3.85 1/2.

Courtesy: CBE Group

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