Corn Hits Three-Year High as Soybean Prices Pause

Corn futures rose by 1 1/4 cents to $5.37 3/4, hitting a contract and three-year high overnight.

The corn market paused today due to steady soybean prices and lower winter wheat futures prices, but the charts remain firmly bullish.

Soybeans closed at $12.88, reaching another contract high and 2.5-year high, while December soybean meal fell by $3.60 to $345.40 and December soybean oil rose 6 points to 71.12 cents.

The wheat futures market saw profit-taking pressure from shorter-term traders amid a routine downside price correction in the existing uptrends.