December corn closed sharply higher on the session and drove to new contract highs for 4 of the past five trading sessions, the CME Group said in its Friday afternoon report. Aggressive fund buying emerged into the mid-session. The market pushed lower early in the session led by weakness in equity and energy markets and ideas that the market is overbought and that US corn is priced higher than competition on the world feed grain market. Fears of declining yield and some better export news helped support a run higher to new contract highs.
After some choppy and lower trade early, November soybeans saw a major technical break-out to the upside and moved sharply higher on the day, the CME said. The rally pushed the market to new contract highs and nearby futures to near the May highs.
As seen on marketwatchonline.com
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