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$5 Corn: Where Do We Go From Here?

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After selling off last week, corn, soybean, and wheat prices came roaring back on Monday. After starting the week at $4.90, new crop corn futures finished the day at the $5 mark. But, will new crop corn prices move higher or lower from this key point? Two different analysts disagree. Logan Burges, with Grain Hedge, says new crop corn will likely move lower between now and harvest, “Based on the acres planted and the crop condition, I expect corn prices to move lower between now and harvest, unless we have some kind of major weather event.” Burges made his comments during the HAT mid-day podcast.

 

Jim Riley, with Riley Trading, sees things differently. He says prices will move higher in advance of Thursday’s USDA supply and demand report, “I see corn prices moving higher.” Riley added he thinks new crop corn could reach $5.20 before the USDA Supply and Demand report on  Thursday. Riley told HAT that the market overcorrected on the down side last week and will begin to move higher this week.  Riley also expects soybean prices to move higher, possibly reaching the $12.70 mark by Thursday.