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Will $7.50+ corn gut demand?

Jeff Caldwell 08/29/2011 @ 10:27am Multimedia Editor for Agriculture.com and Successful Farming magazine.

Anxiety about what $7.50/bushel corn might mean to demand are making it tough for corn to continue last week's rally in early trading Monday.

At Monday's close, nearby soybeans were 23 1/4 cents higher at $14.38 per bushel, while nearby corn futures were 3 3/4 cents higher at $7.56 1/4, according to Barchart.com. Nearby wheat was 5 cents lower at $7.57 1/4 per bushel.

So, with the market walking something of a demand tightrope, which way will the rope eventually tip? Agriculture.com Marketing Talk members are split on which will be first -- $7 or $8 corn. Some say the $8-per-bushel barrier could be broken this week, while others say with harvest starting to make its way north, combined with what some say is languishing upside momentum, $7 is a more likely scenario.

"Harvest ticking now, exports suck and new limit rules for paper corn," says Marketing Talk veteran contributor rightone. "The 3rd shoe is if crude now drops another $10 to $15. This deal is ripe for a $1/bushel sharp down on paper corn. Should start next week."

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