March corn futures on the Chicago Board of Trade on Monday
hit a fresh four-week high of $3.90 a bushel. The key "outside
markets" have been bullish very recently--a sharply lower U.S.
dollar versus the other major currencies and higher crude oil
March corn has seen a price rally of around 75 cents a
bushel from the Dec. 5 contract low of $3.05 1/2. The next upside
technical objective for the corn bulls is to produce a close back
above major psychological resistance at $4.00 a bushel.
While the corn market bulls have gained near-term upside
technical momentum the past week, prices are still trading below
a downtrend from the late-June contract high of $8.16 a bushel.