The Wednesday HOT TAKE

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Dec corn just notched its 9th consecutive higher close — the longest winning streak for new-crop futures in more than two decades, topping the prior 8-day streak from 2019.

Futures have rallied more than 20 cents over that stretch, finishing the day at a new high settle of $4.97 3/4.

The move is being driven as energy volatility collides with production risk.

The prolonged Strait of Hormuz disruption continues to keep energies elevated — driving input costs higher, especially fertilizer, and pinching global planting economics.

At the same time, Brazil’s safrinha crop is starting to come under pressure — an early start to the dry season and heat are beginning to eroding yield potential in some areas.

And then there’s wheat.

Hard Red pushing into new highs, providing spillover support and pulling the rest of the grain complex higher with it.

Unlike 2025 — when new crop corn peaked in February — Dec ’26 is tracking a more typical seasonal pattern, rallying into the growing season.

Corn often sees a sharp break by early summer (absent major crop issues) as the market gets comfortable with the crop in the ground.

That said, in recent years highs have crept earlier — especially when weather threatens Brazil’s safrinha crop, pulling risk premium forward.

As the calendar flips to May, the dry season in Mato Grosso officially begins — a period of limited rainfall that leaves safrinha corn and cotton dependent on early-season moisture.

This year, an early onset of dryness combined with above-normal temperatures — especially in northern Mato Grosso — is pressuring crop development and yield potential.