Corn futures traded slightly higher overnight on spillover strength from wheat and from slow planting progress, said Ami Heesch, market analyst at CHS Hedging. She anticipated slightly higher trade, “following wheat and watching weather patterns.”
“Gulf basis has hit new seasonal highs as the demand for physical corn ramps up,” said John Payne, broker at Daniels Trading. He said Argentina’s rapid corn harvest “should bring some additional corn offers to the table but at this point the U.S. remains one of the cheapest feed grains in the world. I look for the market to resume its uptrend after delivery.” Charts: May December
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