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Corn And Sugar Face Resistance

|Includes:Teucrium Corn ETF (CORN), SGG, USSF

Much has been made of the drought conditions that have shot the price of wheat, soybeans and corn upward. Only a month ago, the CORN ETF broke to the upside of a falling wedge. After a quick 20% rally, it now faces resistance at its 2011 high.

While corn has been front and center in the headlines, sugar has quietly rallied up to (4x-tested, 2 year old) trendline resistance in a pennant pattern that dates back four years. Will it retreat as part of a cooling agricultural frenzy, or will it follow corn and friends with a breakout of its own.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.