Cornbelt Marketing market analyst Sam Hudson expects sideways to lower trade ahead of the USDA’s Planting Intentions and Quarterly Stocks report at the end of March. “The markets are fickle and adrift at times. It’s too early to murder the market and too early to send it to the moon. We won’t know the answers to many questions until July or August,” said Hudson. “If we get a lofty corn number out of the gate, the USDA could use the 1.5 billion bushel carryout until September 1, because they’ll plug a trend yield in until we know differently.” Weather will play the dominant role in the grains. “There’s optimism for Argentina to get moisture. It won’t be a saving rain, but it will keep them moving. If the crop estimates remain stable, there will be a risk-off mentality.”
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