Corn and soybean futures shot past key resistance levels following a USDA report Tuesday that Total Farm Marketing Analyst Naomi Blohm calls even friendlier than anticipated.
“When you look at the breakdown of it, the fact that USDA cut production for corn and soybeans is a big tell because that’s less supply. And we know that demand is strong.”
March corn closed 25 cents higher Tuesday at more than $5.17 a bushel and March soybeans settled at over $14.18 after gaining nearly 46 cents during the session.
