Corn price doubled year to date leading grains driven by cheap money and inflation. On the other hand China corn buying increased due to souring livestock feed demand. Actually, China buying all that they can shifting now from corn to wheat for feed since prices are almost equal.
Corn seems a little bit lost at these high levels and it is hard to think it might continue going higher from here as the price is already too expensive - nether to go for ethanol production nor livestock feed.
On the other hand, we have wheat that is too high at these levels as well; however it still has more room to go up, compared to corn.
Looking forward to next week grain market open. We live in interesting times.