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Corn futures are seeking a reason to push above $4.50 per bushel, according to a Total Farm Marketing analyst. She sees a possible 10-cent pullback followed by sideways trade until more news emerges from Brazil's safrinha crop, US planting pace, and summer weather.
She also flagged the Federal Reserve's June meeting and a projected 2-billion-bushel US corn carryout.
Without a fresh catalyst, corn is likely to drift sideways or lower given heavy carryout expectations, so buyers may find lower-cost windows later in the year. Dollar and biofuel demand shifts could still move prices.
brownfieldagnews.comJared WhiteApr 25, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
