Amid quiet trading and low volume activity, US πΊπΈ corn futures pushed higher in post Xmas trading. However, it is predominantly the soybeans situation that is driving the push in corn (and grains) prices higher, as China π¨π³ keeps on buying massive volumes, while port activity is still frozen in Argentina π¦π· and S.American crops are at risk.
The βtradeβ still has more than two weeks to wait until the USDA releases their βfinalβ domestic US production and projected β20/21 carryout. Meanwhile, recent precipitation in π¦π· π§π· S.America continues to disappoint, providing a central plank of support for world grain prices.
CBOT corn futures could well be heading to 500c/bu if, as expected, production and stocks are revised substantially lower when the USDA report is released on 12th of January.