Corn futures posted strong gains Friday following tighter-than-expected stocks in the USDA report released during the morning. This is attributed to lighter production estimates, limiting the amount of corn available to the market. March corn futures posted a 21-cent-per-bushel rally during the session.
Although this is a far cry from a limit move in the complex, it is significant.
First of all, this rally comes one day after March contracts posted a contract low of $4.12 per bushel. This quickly pushed prices to a 2014 high and the highest level seen since Dec. 24.
But more significant is the fact ...