The monthly corn chart was depicted a year ago with much higher prices warning of a potential $4.50 target. The current chart reflects the price cliff the supply and demand tables suggest.

In early 2023 the monthly corn chart showed a long-term risk of $4.50. As this goes to press, current prices have Chicago wheat at $6.40, reflecting nearly a dollar rally since March 1 ...

In my early October quarterly report on the grain and oilseed futures markets, I concluded: Commodity prices are cyclical.