Bonza ... until it rains in the US anything is possible in these markets. We haven't had a blow off top yet so there are many sitting on the sidelines.
End users because they have been caught short, farmers may have to short cover if they have over hedged, and future grain hedgers are probably maxed out for now in covering long term average yields a couple of years out.
So the US is already importing corn. Australia is shaping up for a slightly below average year. Eastern Europe is below average. Where are the exportable surpluses going to come for purchases this time next year? that will be when the real physical supply squeeze will come in before the next crop comes onto market.
