What a difference in 2 weeks since I posted this. Here in N. Illinois corn looks very healthy. Warmer, drier weather has really made a difference. We are starting to need some rain now, but that is forecast for tonight. I doubt price will get to last years lows, but IMO will certainly be weaker than I had anticipated 2 weeks ago.
My feeling is that the pullback today was just a correction after a long run-up. I believe the excuse was USDA keeping yield unchanged. The reduction in excellent crop acreage was stated, but no reduction in yield. Interesting. I believe we will see $5 corn by September, and even higher eoy and next year. JMHO.