PEXELS
Frenetic Chinese buying, a dire shortage in plantings and drought from the United States to Brazil and Argentina are fueling an eighth straight bull month in corn prices, which is likely to extend the near eight-year highs hit last week, reports Investing.com.
Corn’s front-month futures contract on the Chicago Mercantile Exchange shot to $5.95 per bushel on Friday, its highest since an $8 peak attained in July 2013.
CME corn technicals tracked by Investing.com indicate potential highs of $6.07 and above if the market stays the course driven by blistering demand from China—the number one consumer of the grain—and continuous concerns over the status of the U.S. and South American crop.