Inflation and geopolitics support growth of corn

At this moment, there is a number of factors in favor of increase in prices for corn:

1) Worsening of the geopolitical situation in Eastern Europe. The region is a major supplier of corn to the world market;

2) Inflation rate to rise. It is the food inflation which along the growth in prices for energy, continues an inflationary spiral.

Now, the price reached the summer maximum of 2021 at 716 and it tries to consolidate above. If this succeeds, there will be the way to the absolute maximum of 733.59. The RSI indicator has approached the overbought zone but did not enter it so far that gives the possibility for growth in the short-run.