Utterback Marketing president Bob Utterback says the grains are caught in a tug-of-war between production and demand. Prevented plant is having an impact on production. “That reconfirms the June acreage numbers. Now, the bear lost the advantage of an acreage surprise or more production. On top of that, you throw on the bad weather that just came through Iowa and Illinois.” Utterback says the uncertainty of crop damage caused traders to cover their short positions. “Now, we’ve reached this new level where the bulls want to push things higher, but they think the yield is lower, but they need solid facts. They won’t have those facts until they are out in the field.”
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