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“Dec-26 futures were up $.20 ¼ closing near session highs. Next resistance is the July high at $4.92. FSA data released 1 hour after the USDA WASDE and production reports showed prevent acres so far reported to the agency as of Aug. 1 were 1.355 mil. acres, possibly cutting into the USDA acreage estimates in future reports. I look for Dec-26 to challenge its May high of $5.06 ½ on expectations strong demand will tighten U.S. stocks even further. The 2026/27 average farm price was raised only $.10 to $4.50 per bu., which appears too low given stocks/use at 10%,” wrote Mark Soderberg with ADM Investor Services.
