Wednesday, April 9, 2008

Corn Goes Interstellar Too!

Corn has gone into inter-stellar orbit today also! Apparently, this immense rally is being driven today (above chart, 3 minute and tick) by a surprise drop in crude oil inventories, and crude oil prices have rocketed to new all-time records today. This concern for fuel is driving prices for grains higher, as demand for biofuels has re-emerged, driving alternative fuels much higher still. Whoa there!

Corn Daily Chart -- There is no exploding bubble here!