Market Surge: What's Driving the Buying in Corn, Wheat, and Soybeans to Multi-Year Highs?

Corn, wheat, and soybeans have surged to multi-year highs as markets absorb a mix of technical momentum, fund-driven buying, and ongoing catalysts. In an interview on Markets Now, analyst Michelle Rook discussed counter-seasonal rallies and volatility, while senior market analyst Darin Newsom said the week’s moves are driven largely by funds and algorithms rather than day-to-day changes in fundamentals. He cited heavy trading in December corn—more than 500,000 contracts on Monday and nearly 400,000 on Tuesday and Wednesday—suggesting aggressive, largely “unchecked” fund demand. Newsom warned that if momentum and volatility turn, liquidation risk could follow. He noted carry in the Dec-March spread remains solid but said there’s limited evidence of end-user buying.