Complete any needed old-crop sales now.  The recent surge may be the last opportunity prior to a seasonal push lower at harvest.
 

ü2008 crop:

If you have grain you will be pricing between now and harvest, this looks like a good opportunity to do some short-term pricing.  The risk of prices falling as we begin harvest is much greater than the potential gains we could see at higher prices.
 

Weather appears to be the greatest factor moving the market right now.  With the hurricanes in the gulf affecting crude oil prices and in turn giving corn prices a boost, lack of moisture, and unseasonably cool temperatures, the corn crop yield and price remain very volatile.  Corn harvest is estimated to be 3 weeks behind last year and could be delayed further if August temperatures remain mild, slowing corn development.

We have no fail-safe.