Yesterday, the markets started out the day in serious risk off mode – blood red across the board, save a handful. One of those handful? The bright green beacon of corn.

Grain prices often react strongly to macro events like crop and weather reports (as we saw with wheat last week). What do you get in the corn market when you have a crop report followed quickly by a drought report? The highest volatility of 2012:

5/24/2012 Update: And with today’s big trading range (a high of 609 and a low of 576.75), corn’s Average True Range has gone even higher…

Food for thought before you try wading into these markets on your own…