The grain stocks and annual crop production data released by USDA Tuesday showed tightening supplies and lower 2020 crop output and sparked limit-up price action in both corn and soybean markets. Now, analysts expect corn prices to have a 5 in front of them for a while. Corn hasn’t seen prices this high in around seven years, with some projections for the updated trading range for nearby corn futures now from $5.30 to almost $5.90 per bushel. Though the data weren’t as bullish for soybeans on Tuesday, many analysts now see the top end of their trading range just surpassing the $14/bushel mark. See more on Tuesday’s reports, price reactions and what to watch moving forward.
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