Tuesday USDA Reports Fire Up Corn, Soybean Rallies

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.