The corn futures market was left for dead in late July as prices sunk to a six-month low. Bears were licking their chops and looking for still more on the downside, as the charts were looking bearish along with much less bullish market fundamentals. Well, corn prices proceeded to rally, restart an uptrend and this week hit a two-month high. Price action in the corn market the past few weeks reminds of the old trading adage: “Markets will do anything and everything to frustrate the largest number of traders.” Another old trading adage: “Markets can remain illogical longer than most traders can remain solvent.” The bottom line is that the corn market is bullish again, to suggest sideways-to-higher price action in the near term. Stay tuned! —Jim Wyckoff