Here’s a chart from Goldman Sachs’ most recent update on the deteriorating corn situation.
The vertical axis shows how much prices have surged since May to a given year’s peak rally.
The horizontal axis shows crop yield deviation from historical trends.
It is not even August, and the 2012 crop yield has already sailed pass every other record-deviating year.
While it has a ways to go before it leaves what one might call “the known yield-deviation universe” by surpassing the ’36 crop, there’s more room to run.
Photo: Goldman Sachs