US, July 20: Corn futures closed lower on the day after posting gains earlier in the session. *The pattern the past six days has been up one day, down the next*. Traders are seeing some tempering in the weather and decided to take some profits. But *long range forecasts continue to show a block of above normal heat over most of the U.S. through August 3rd* once this minor reprieve is over. Private exporters switched 138,000 MT of corn from unknown to South Korea for 2010/11 delivery. Trade estimates for tomorrows weekly export sales report range from 900 thousand to 1.4 million MT. *Cash bids in the Midwest and eastern Corn Belt are near record levels with demand strong and remaining stocks in tight hands*.
*Chart 1*: BISI Technical price target update: 1920 Fundamental price target: 1730 ( http://dir.groups.yahoo.com/group/saham/message/125427) [image: BISI (July 20).gif] '+'
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