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Corn Rises; Will Gold’s Upward Momentum Remain?

January 28, 2010 at 22:53 by Vladimir Vyun

Corn rebounded from the lowest level in 16 weeks after the report that exports from the U.S., the biggest grower in the world, will rise. Exports went up 20 percent in the four weeks ended January 21st, compared with the previous year, after prices dropped 14 percent this month. Production of ethanol is also increasing. Analysts predict that low prices will spur demand. March futures for corn delivery added $0.01 (0.3 percent) to $3.5925 per bushel by 11:07 on the Chicago Board of Trade.

Analysts say that gold is still bullish in long term, despite its fall 11 percent down from its record last month. The precious metal’s drop can be considered “a normal pullback” and “the long-term momentum” is still present. Gold is little changed, erasing a previous gain of 5.9 percent, as the dollar rebounded versus the basket of six major currencies this month.

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