Corn prices have been steadily climbing for the last three weeks, and quietly reached a six-month high on Thursday. Prices have been gaining on hopes for more U.S. corn exports as our biggest competitor, Argentina, struggles with poor weather.
These expectations were supported by Thursday’s USDA report which cut the size of Argentina’s crop by 7% and projected stronger U.S. sales to foreign buyers.
For U.S. farmers sitting on massive stockpiles of unsold corn from last fall, this rally over $3.60 per bushel has been welcome news.