Corn Futures Rally as Wet Weather Looms

Corn futures have seen significant price action in recent days, with December corn rising to $5.28 1/4 after hitting a four-week low early on.

The market saw heavy selling pressure early in the session but was able to claw back all losses by the close, aided by a lower U.S. dollar index.

According to World Weather Inc., crop areas west of the Mississippi River will see wet weather into Oct. 3 that will slow fieldwork with multiple rounds of heavy rain from eastern Nebraska and eastern Kansas into Iowa and northern Missouri.

The 90-day outlook for corn is bearish, with harvesting and commercial hedge pressure continuing to add to selling pressure in futures.