" Well that chart doesn't mean much to me as it is not price action. And there is and always will be a fresh bullish and/or bearish 'story' to be told weekly just for everyone to jump up and down about."
I know, I know, every year you hear stories and rumors about a flood here, too dry over there, damaging hail storm over there and then come harvest season they always bring in a crop and you realize that the stories and rumors were sensationalized and blown way out of proportion by the media and were just localized problems. I understand your skepticism about the 'stories', however this particular drought event is different. I can't recall seeing it this critically dry over such a large swath of the midwest and was shocked when I looked at the map. That drought map is usually all white in the midwest, but not this year. Rain makes grain and if they don't get a break in the drought soon, there will be no corn harvested from fields that aren't irrigated. I think that this years drought will become the central issue and that drought monitor map will be the genesis and driving force of the price charts.