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Although we have rebounded from pressure in the early overnight trade and witnessed surprisingly large volume in corn, overall the grain and soy markets appear rudderless this morning and as such could easily be pushed around by whichever breeze is more prevalent. Will it be a hot wind blowing up from Argentina, or possibly a stark and dry winter chill rushing down from Canada to further stress the wheat crop and leave our subsoil thirsting for replenishment? It could even be a gust of hot air bloviating out of Washington D.C., but regardless of what or where it comes from, it would appear that these markets need something fresh to provide additional direction.
While the most critical report for the month; Prospective Plantings, will not be released until the 29th (a couple of days earlier than normal due to Easter) this is not to say there are not potentially market-moving reports to be issued in the meantime. Tomorrow, we will see both the weekly export sales, which should be solid for corn once again, as well as the soy crush data for the month of February. The trade is expecting a crush figure of around 149.4 million bushels.
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