I mentioned a few days ago that I expected corn prices to take a pause after their straight line move up to the 2011 highs. As you can see on the chart of CORN below, we have indeed see a few sloppy days of going nowhere. Now comes the true test of mettle of whether we see a massive cup and handle breakout dating back five years on the corn futures chart (see the weekly on second chart below), or if this is all she wrote for the great drought of 2012.
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If the drought and its effect on the corn crop is truly apocalyptic, it seems that there should be a long way to go for corn prices.