Commentary: The corn could have a short term low in place. The Chinese are looking, strong sorghum sales are both helping. The worst case may be over for Ethanol. However, the rebound could be slow. The corn will also watch planting which is fine to date. It does seem probable that China will want to honor phase one commitments. The export sales at 1.35 billion were a strong positive. The weather at present may be a bit supportive, especially in the east. There remains concern with the Brazilian Safrinha crop. The rain totals will be watched closely. Look for a bit more upside in corn. Quantify your risk.
John J. Walsh
President, Walsh Trading, Inc.
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