Corn Prices Expected to Keep Rising on Favorable Weather

Corn prices are expected to continue rising due to favorable weather conditions and strong demand. According to Jim Wyckoff, September corn futures have reached a two-month high and bulls have the near-term technical advantage.

The recent dry and hot conditions in the western Corn Belt have tilted the weather in favor of the bulls, supporting prices. Additionally, domestic and export demand for U.S. corn has been good, contributing to the upward trend.

Global grain-shipping constraints caused by wars have also lifted grain futures prices. Wyckoff suggests that a move above chart resistance at $4.68 would be a buying opportunity, with an upside price objective of $5.10 or higher.