Corn Market Pops

The corn market is heating up, reaching $3.94 per bushel on Thursday, a three-month high.

Prices are rallying as foreign buyers look to U.S. corn for their import needs, since our crop is inexpensive compared to foreign suppliers like Argentina. More demand for U.S. corn would boost exports and drive domestic prices higher.

Meanwhile, soybean prices have been tumbling on concerns about lower demand from Asia and a record-breaking Brazilian soybean crop, dropping Friday to $9.02 per bushel, a five-week low.

As spring approaches, U.S. farmers will be keeping a close eye on prices as they plan which crops to plant this year.