Corn futures are continuing to respond to the delay in planting and the outlook for wet weather continues into next week. Looking next Mondays crop progress report and specifically the 18 states that plant 92% of the corn acreage to continue to show a slow start. Last Monday progress came in at 30% planted verse the 5 year average of 66%. This confirms the level of delayed planting we should see another reactionary bounce up through the 100 DMA at 3.81. What you want to watch out for is a shift in planting from corn into soybeans and a breakout in corn above the March 25th high of 3.90. This could spark a major short covering rally and give the farmers the chance to finally get those necessary hedges in place.
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By: Phillip Streible