I hate this kind of story. From Bloomberg:

Corn may surge to a record in the first half and be the best-performing agricultural commodity as increased government purchases help to “inflame” the market, according to Agrocorp International Pte.

By the time somebody’s research is reported second-hand in the media, you can be sure the contents of the report are in the price. I fear that the market could be set for a short-term correction, although the upward trend could easily continue for months after that.

I am staying long, however. I trade breakouts because they give you a fair chance of getting into a trend, and if there is a chance of a sustained uptrend then there is all the more reason to be in. Selling every time you think the market is overextended in the short term is not a recipe for success. If I get stopped out I will buy the next breakout.

Update 16/02/11: I was stopped out by a reversal yesterday.