Corn Prices Surge to Three-Year High
USAgNet - 05/29/2019
Corn prices climbed to the highest level since June 2016 on Tuesday amid reports that producers are delaying corn planting following a record wet spell across the country, with more rainy weather forecast to come.
MarketPulse reports that the advance marks the 10th daily gain in the past 11 days as the commodity powers upwards from the near eight-month lows hit on May 13. The gains have reached more than 20% from the base.
The sudden U-turn in sentiment has seen speculative accounts turn net long for the first time since the week of February 26, according to the latest data snapshot from CFTC as at May 21.
Meanwhile, soybean prices have posted the biggest one-day gain in two weeks today and could aim for the highest level this month. Such a move could bring about the first up-month for the commodity in four months. Last week the U.S. Department of
Agriculture announced another aid package for American farmers that had been hurt by the US-China tariff war, notably corn, wheat and soybean farmers.
Speculative investors pared back negative bets on the commodity from the highest in more than 20 years in the week to May 21, according to CFTC data.