Again, big crops get bigger. That is what is happening in South America, as harvesting is getting underway in Argentina. South African corn prices are weakening as they approach their harvest. So far, no major problems.
The USDA will be reporting the first planting intentions of the season, in addition to the quarterly grain stocks. The report is March 31. The assumption is that planting season will see less corn and more soybeans. Corn acres for this report is presumed to be 91 million acres. This number is the first projection of the season. Weather continues to be the most important factor.
So far, demand is holding up, but as always it is dependent on our various trade programs with other countries. The world has product, and competition is there. The market will need some new news either way to prompt a bigger movement in the market place, which might not happen until the March 31 report. To note, May corn is still in a narrow trading range from 360-370.