When I was a markets reporter at the Chicago Board of Trade back in the 1980s, veteran grain floor traders would explain that “corn is king,” meaning that as goes the corn futures market, so, too, will likely go the soybean and wheat markets. March corn futures (ZCH25) notched a nearly seven-month high of $4.76 a bushel on Monday. Soybean bulls have also awakened after King Corn’s price gains. In overnight trade Tuesday, March soybean (ZSH25) prices pushed to a three-month high. So far, winter wheat (ZWH25) market bulls have only been able to muster some modest short-covering buying interest in the wake of the solid price gains in corn.
