Corn soars on Russia’s invasion of Ukraine’s Crimea Peninsula
Corn prices soared Monday on the expectaton that Russia's invasion and occupation of Ukraine's Crimea Peninsula would slow or halt the country's corn exports and increase demand for U.S. corn. As the chart below shows, a huge 2013 crop has depressed corn prices and they have a long way to go to recover last year's highs, which seems unlikely. This is called a point and figure chart. When prices fall, zeroes accumulate. When prices rise, x's climb the chart reflecting buying pressure. The price objective shown on the chart is derived by an algebraic equation that reflects upward buying pressure. It is not a forecast.