Uptrend Prior to Prospective Plantings Report!
Mar 30, 2010
Monday started out with a strong focus on the dollar, oil markets and their bullish impact on the commodities. This week we will have a Prospective Plantings report dominating the market price action from Wednesday into the end of the week. The final variable that is going to have a lot impact on the market is the spring planting weather patterns. Up to now has been more about fear than reality. As we move into April, we will start moving into a period when action must be done. With last fall slow harvest a lot has to be done before the crops planted. Producers are already very frustrated with the current low prices and inability to get into the fields. My greatest concern, producers still have their sights set on a retest of the January highs at $4.50 rather than focus on the opportunities which suggest a retest of December corn to the $4 to $4.15 level represents solid selling.
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