Summit Commodities market analyst Tim Marsh thinks the corn number on the U.S. new crop balance sheet was disappointing. “It came in at about 150 million bushels above the average trade guess and toward the higher end of trade estimates, but it’s still a relatively tight number. There are those that will argue it’s based off a yield number that’s too high, but it’s also based on an acreage number that’s probably too low. We have a long year ahead of us, we’ll likely see more wild swings in the market.” In the near-term, the grain markets could be headed for a short-term correction. “Looking back at previous years, we’ve had market corrections coinciding with monthly reports. We’re in a time period for the next few days where the market is susceptible to profit taking.”
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