Corn Commentary

John WalshGeneral Commentary, Grains

Commentary: The corn story is consistent. Overall weakness is due to plenty of supply. Increased by the failing ethanol process. This is a key fundamental and will take a bit to turn. The USDA planting intentions yesterday are overstated IMO. This is a long term market consideration. The near term will be plagued by the demand destruction. The positives are the USDA estimated stocks approx 200 mil bu less than estimates. The animal numbers are large, however, profitability there could reduce numbers medium to long term. This may be just starting. The export pace has been better, however not enough to overcome the other issues. The trend in corn remains lower until further notice as mentioned yesterday. The market will need time and demand to turn.

Trade Suggestion(s)
NA today
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John J. Walsh
President, Walsh Trading, Inc.

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