Eleven trading days left before first notice day against the March contracts. Some market sources are saying that funds are long corn, short wheat and close to even on beans. Position squaring might spark a move. Basis levels suggest corn and bean deliveries could be on the healthy side while wheat might be on the light side. Cash movement might increase before the roads get posted and that's a little more of a concern for corn and beans as wheat traditionally left the farm months ago.
The consensus is that there's still more upside potential than downside risk in the grains at this stage of the growing season yet, given comfortable nearby stocks there's no reason to get carried away on a rally. We'll leave that to Mother Nature!
The information contained on this site is the opinion of the writer and obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.
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