Spot prices for corn posted another three-year low last week and they are mimicking a trend seen about a decade ago.
March corn hit a new three-year low last Friday closing at $416.5. Analysts at DTN looked back at 2014 and saw corn prices at $3.18 per bushel in October. Months later in July of 2015, they were at $4.39. In today’s terms, that would be $5.79 a bushel.
So could today’s prices be near long-term support? DTN says while corn is not likely to hit $5.79 any time soon, support could be around the corner.
