Are We Looking At $10 Corn?

Take a look at this chart of Corn going all the way back to 2003. You’ll notice that Corn had a peak in June, 2008 at $7.625 per bushel. Then, another slightly higher peak in June, 2011 at $7.99 per bushel. The drought in the U.S. in 2012 has pushed Corn prices in the last three weeks from $6.18 to $7.84. Not only is the U.S. suffering from drought, but now the news from India is not good. UBS just reported that “the monsoon season, which is critical for that country’s (India’s) agricultural production, is 22% below normal conditions for the year.”

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