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Kevin Van Trump has over 20 years of experience in the grain and livestock industry.
Corn bears are questioning yesterday's data that showed US corn once again going to China??? Many sources are thinking the current USDA estimate of China taking 5 MMTs of US corn during 2013/14 as too large and believe the number will soon be reduced. There is also some questions being raised in regard to how long US exporters keep their exclusivity as "low cost" provider with the South American harvest starting to build. I continue to hear the Argentine corn harvest is moving right along, with several inside sources thinking the crop will be around 20% harvested by next week. I am also hearing that the crop might actually be a bit better than some had been anticipating, especially some of the later planted corn. I am NOT suggesting that the USDA still doesn't need to trim their Argentine corn estimate a bit, but perhaps just not as much as many of the big-bulls have been hoping for. Bulls are arguing that US planting conditions are extremely suspect and may be cause for longer-term concern. Bottom-line, questions regarding US weather and uncertainty still in Ukraine might be enough to keep US corn prices somewhat supported. I just don't see NEW highs in our immediate future. Sideway's to lower is my guess as larger traders prepare for the upcoming end of March USDA reports. CLICK HERE for my daily report....
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