Your US Congress (in their infinite wisdom) has refused requests to end or decrease the mandate for ethanol production that consumes 40% of the US corn crop. The alternative fuel industry feeds unrealistic panic into the commodity futures market and volatile price moves are the result. At this point in the US production year there remain many unknowns. The markets feed on these variables and speculation (higher prices) is the end result.
The number of acres planted in corn has increased by 4.5 million acres over those planted a year ago. If the Midwest can catch any kind of weather break in the months of August and September, we should experience corn surplus numbers that far exceed the past couple of years. Then the markets may find it difficult to maintain today's high prices as we head into fall.