Corn futures prices for December edged up to $5

Corn futures prices for December edged up to $5.13, underpinned by the global grain trade’s concerns about logistics in the Black Sea region. Shipping constraints are filtering into U.S. futures valuations. The winter wheat futures markets showed some promise early last week, but Friday’s losses put prices back down close to their contract lows and will give the chart-based speculators some momentum early this week. 5-day outlook: The corn market bulls were being left for dead earlier this week but then posted a good recovery the last half of the week. More price strength early next week would suggest this week’s low of $4.10 1/2 in December corn may be a near-term low. Corn futures prices held firm at $4.95 in overnight trading, as speculative buying intensified following signs of reduced farmer selling in the Midwest. This tightening of cash market supply could underpin futures action in the coming sessions.