Kernels of Conviction: Corn Futures (ZC) Find Their Footing Above 470

Corn futures have reclaimed bullish momentum over the past month, driven by a confluence of record-pace export commitments running 30% above year-ago levels, geopolitical risk premium from the ongoing U.S.-Iran conflict and its persistent disruption to the Strait of Hormuz, and a biofuel demand tailwind as elevated crude oil keeps ethanol economics attractive. After months of two-way rotation between 470 and 480, the market broke above 470 in the past week, posting a 13-month high close. The key question going forward is whether buyers can defend 470 on any pullback and press the market toward the 496 Daily Level 1 target.Grilled corn on wood table by badmanproduction via iStock