Midweek Markets: Are the stars aligning for $6 corn?

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Tight supplies and adverse weather may be enough to reach a new benchmark.

With last Friday’s World Agricultural Supply and Demand Estimates (WASDE) report from USDA firmly in the rearview mirror, traders are once again focusing on spring weather. And Mother Nature hasn’t always been cooperative this past week.

Cooler-than-normal temperatures have descended on the Corn Belt in the U.S., and frost has hammered parts of Europe earlier this week. That adverse weather has helped firm grain prices in recent sessions. Along with tight supplies, weather conditions have helped soybean prices stay above $14 per bushel, with most wheat contracts trending above $6 per bushel.

And corn is moving tantalizingly close to $6 per bushel – a benchmark not seen since July 2013. Are there enough bullish factors in play to help push prices above that level?

We address that question and more in the latest Midweek Markets podcast.

Listen to the latest Midweek Markets podcast for April 15, 2021:

 

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