July Corn Chart

Corn prices have made a new contract highs 4 days in a row. Today up to $7.22 in the July corn contract. This market is not only in an uptrend but the market is accelerating in almost a vertical fashion. The one item that we do want to be a little cautious about is that when a market rallies this fast, technical indicators get this overbought we are subject to seeing some pullbacks and corrections. This doesn’t make us bearish in the long term but sharp setbacks and corrections can happen at anytime with virtually not advance notice.