CBOT Mar21 corn futures break through 450c/bu resistance, to fresh contract highs.

Amid quiet trading and low volume activity, US 🇺🇸 corn futures pushed higher in post Xmas trading. However, it is predominantly the soybeans situation that is driving the push in corn (and grains) prices higher, as China 🇨🇳 keeps on buying massive volumes, while port activity is still frozen in Argentina 🇦🇷 and S.American crops are at risk.
The ‘trade’ still has more than two weeks to wait until the USDA releases their “final” domestic US production and projected ‘20/21 carryout. Meanwhile, recent precipitation in 🇦🇷 🇧🇷 S.America continues to disappoint, providing a central plank of support for world grain prices.
CBOT corn futures could well be heading to 500c/bu if, as expected, production and stocks are revised substantially lower when the USDA report is released on 12th of January.