New highs for Dec corn

Corn and soybeans took another leg up yesterday and December corn moved above 5.65 making new contract highs. Most commodities had a positive day yesterday as many think new money is chasing inflation hedges. Corn was up 11 cents while soybeans gained 30 cents and their OI increased 14,447 & 13,500 respectively so there was some serious inflows. There is also some demand side bullishness on this move it is not just the SA weather making prices move higher. Chinese corn prices are above $11 and crude oil traded over $85 a barrel yesterday. Crude prices got to levels not seen since late 2014 while RBOB has not reached its levels from back then but it is not far off. Ethanol prices are moving back up as well all helping support this move higher. We may see some profit taking this morning with yesterday’s big move higher but look for buyers on any decent dips. NFC Grain Comments 1.20.22 (1)

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