Why worry about the corn market, you say? Well corn cereals, corn oil and corn products that depend on corn are sensitive to the price of corn. Add to this mix the fact that we still have an ethanol program in place that is taking 15% of the crop, and you have the hair trigger that drove corn and grain prices sharply higher yesterday.
There was a rumor that we are having an early frost next week. That's number one. Now, add to this the fact that only 12% of the corn crop is "mature" compared to 37% last year and off we go. Then, too, you've had big speculators that have been short for some time.
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