Alongside a failed southern hemisphere crop, dwindling US and Chinese inventories are up against record American planted acreage and queer USDA assumptions about the weather. This implies a short-term rally followed by two key market inflection points.

The historically high plateau corn finds itself on reflects a confluence of factors, both bullish and bearish. These include bottom-touching inventory lows in some major importers and exporters, booming planted area, drought and USDA oversights that we expect to be revisited later.