USDA's long-awaited March 31 reports didn't have the best news for the corn market. But a rally in soybeans and a more upbeat mood on Wall Street helped prices to the verge of a chart breakout. The coming week should a big one for the market, as traders try to decide just how much upside is warranted.
In the long-term, corn's prospects look fairly bright. But the big question may be how to get there from here.
USDA's planting intentions were some 2.5 million more than I expected, based on results of our Farm Futures survey. Further examination of our survey data showed producers in the first week of March committing to the acreage USDA found. Those who responded in the second week of the month, by contrasts, showed less inclination for corn. While prices rallied during this second week, they didn't get to the level where many felt comfortable taking the risk of more corn.
To read Bryce Knorr's complete weekly corn review, click HERE.
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