New month and new quarter with the Quarterly Grain Stocks and first planting intentions posted. Stocks were bigger than the average guess. Planting intentions were less, but they are just an indication of what might be put in the ground. General planting won’t begin for at least another two weeks, depending on the weather.
South American crops seem to be getting bigger. So far, there doesn’t seem to be any issues that would indicate any crop problems. Technically, our markets feel supportive near term. Our exports are running ahead of the five year average.
Bottom line, though, for the corn market to continue its firmness, there will have to be a major issue such as poor weather or loss of export business. The producers will have to move product eventually to make room for new crop. Assuming normal weather, there could be a lot of supply coming. Range at this time is 380-370.