Looking for a Lift in Corn

The surge in corn prices in the summer of 2012 probably seems like a distant memory by now, what with everything else going on in the global markets these days. Last July, I wrote this blog post looking for 2011 overhead supply to cool off the hot summer corn rally. And cool off it did.

Since last summer, corn has been consolidating in the form of a fairly orderly pullback. On the weekly updated chart of CORN, the Teucrium Corn Fund as a proxy for the commodity, below, you can see the falling wedge outlined after corn found supply at those defined 2011 highs in 2012.

Last week, however, corn popped out of that falling wedge pattern. And I would now be on watch now for another summer run, particularly of CORN shoots through $44.

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