Van Ahn and Company market analyst Jim Emter says the grains are in a recovery or retrace back to keep things in line. “On Thursday, we’ll get USDA’s crop report. It’s our first complete outlook of new crop supply and demand. We may have one more day, afternoon or session Wednesday of cleansing where funds want to get out of the way, making sure they’re on a more even par position. We’ll see what we get for the USDA report.”
Emter says planting pace is trending along with average, though spring wheat and corn is behind average. “We have a pretty good planting pace going with a lot of crop getting in the ground the last five days. I think that has the market somewhat reeling and trying to understand if we’re behind or on track. I think we’re leaning toward being on track. I see pretty good support under these markets due to the Argentina circumstances under beans and due to the whirlwind of corn where world stocks are decreasing for the corn market.”
