Commentary: The corn continues to erode. The overall fundamental picture remains heavy with concerns over the ethanol situation. The market has dialed in the ethanol staying closed for some time. If realized, it would reduce demand by a horrific amount. It is my thought that the market has dialed in a worse case scenario. This could be mitigated if things go better. In addition, the planting numbers are the highest we will see for the year, in my opinion. The tech basis May is down, corn will need a close above 341-347 for the 14,21 MA.
John J. Walsh
President, Walsh Trading, Inc.
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