Funds Fuel Corn Rally Amid Strong Demand

Corn prices have been rising, reaching new contract highs in December to $5.24 1/4 before facing selling pressure on Monday. The market rebounded Tuesday morning as funds continued buying weakness, according to Randy Martinson with Martinson Ag.

‘I thought we’d see a little bit more profit taking than we did,’ Martinson said. ‘So I was kind of expecting the market to kind of take a breath here right now, kind of digest everything and then see a little bit more pressure.’

The corn market has potential to reach $5.65, according to Martinson, if USDA confirms lower crop yields in September.