CBOT Mar21 corn futures break through 450c/bu resistance, to fresh contract highs.

Amid quiet trading and low volume activity, US πŸ‡ΊπŸ‡Έ 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 πŸ‡¨πŸ‡³ keeps on buying massive volumes, while port activity is still frozen in Argentina πŸ‡¦πŸ‡· and S.American crops are at risk.
The β€˜trade’ still has more than two weeks to wait until the USDA releases their β€œfinal” domestic US production and projected β€˜20/21 carryout. Meanwhile, recent precipitation in πŸ‡¦πŸ‡· πŸ‡§πŸ‡· 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.