Large supply gets larger( last paragraph ): http://www.agrimoney.com/news/grain-futures-plunge-but-wheat-premium-holds-firm--7511.html
Given the mostly flat price activity in corn and wheat (Chgo) from late July to about the first of Sept, I thought most of the bearish news had been factored in, too. That was obviously an incorrect assumption. The harvest weather for the next week to ten days looks good, take a look at one of the commodity indices, take a look at gold, silver, crude, nat gas, iron ore, coal, etc, etc -- there's not a lot of speculative enthusiasm in commodities right now. With a massive corn harvest in the US and plenty of wheat worldwide (including some low quality European wheat that might trade as feed wheat/corn), I just don't see a near term catalyst to send things higher. All that said, corn is trading below the cost of production and that won't continue forever, but it certainly can for a while.
Strong contango can make you loose a lot of money (11 %/year) even if cash prices are flat... Corn yield could be underestimated given the strong early yield. Sometimes 200 bushel/acre !
Storage charges between now and next Summer should widen out in order to keep supply off the market, i.e. bear-spreading the front-months versus long May15 / July15. You might make a few cents per spread.