"Don't tell me that the crops are better than a year ago."

Eoin Treacy's view Thank you for this fascinating graphic originating with NASA. If at this stage of the summer, corn is still less developed than the same time last year can we reasonably expect yields to be higher?

Weather conditions have been challenging in major grain, bean and seed growing areas over the last few months and prices are responding. The potential for substitution is limited when the price of just about all food commodities is rising, so demand is unlikely to decrease until either the weather changes or governments move in to squeeze speculators.

Corn has pushed back above the psychological 400¢ area and a sustained move back below 380¢ would be required to question scope for further upside.