Corn futures posted contract highs overnight, with front-month May futures poking above $8.00 – the 2013 high on the continuation chart that was matched earlier this year. Wheat and soybean futures were also strong.
Disconnect between prices and production threatens to create a “volatility trap” in commodities and discourage investment in the sector, something that could threaten the supercycle.
Winter wheat futures found strong followthrough buying in leading overnight gains in the grain and soy complex. December corn futures pushed to a contract high for a third straight session.
Wheat and corn futures are being supported by supply concerns amid the ongoing war between Russia and Ukraine. Soybeans are under pressure to open the week amid pressure from weakening crude oil prices.
