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Clues for 2021 corn and soybean prices might be found back in 2011
Chicago-traded corn and soybeans ended 2020 with a bang and the fireworks have continued into 2021. The unprecedented rally has many traders and analysts cautiously anticipating where prices will head next, and rewinding the clock by a decade might reveal some possibilities.
CBOT corn futures are not as strong as they were at this point in 2011, though soybeans are close. However, both set 6-1/2-year year highs on Wednesday with most-active corn reaching $5.02-3/4 per bushel and soybeans hitting $13.78-1/4.
Corn futures in 2020 rallied 57% from their April 21 low to the Dec. 31 high, nearly identical in percentage terms to the low-to-high rally in 2012 of 58%. However, corn in 2010 surged 94% from its June 29 low to its high notched on Dec. 31.
Chicago-traded corn and soybeans ended 2020 with a bang and the fireworks have continued into 2021. The unprecedented rally has many traders and analysts cautiously anticipating where prices will head next, and rewinding the clock by a decade might reveal some possibilities.