December corn has reached a contract high today as the market scrambles to secure enough acres ahead of the June 5 prevent planting date for many Midwestern states.
Just after 11:00 a.m. CT today, Dec. Corn was trading in the $6.89/bu. level. Farm Journal Economist Bob Utterback calls that a new technical high. With outside markets dropping today, Utterback says it is a clear signal the market is concerned about acreage and supply for this year.
"Everything is trying to rally in corn and beans to make sure they get all the acres they can ahead of the June 5 insurance cut off dates. The interesting thing is the outside markets are not pushing us. Crude oil is down sharply
, the dollar
is unchanged and the stock market is actually a depressant. It’s pretty remarkable what corn is doing," Utterback says.