As I sit in the midst of quite a healthy Corn rally I do still look at either signs for a potential slowdown or a reversal. In what I view mainly a war time rally in Corn I look for fundamental reasons for support as well. Most traders/analyst believe there will be a decrease in world numbers and an increase in U.S. exports from the USDA. I am seeing globally countries protecting food supplies. I also saw a supportive number in yesterday’s export inspections but still 40.2 percent below current year percentage of USDA estimates. As I see the dollar index will eventually fall and put pressure on Corn. With that said I feel that there is no real technical sign of there being a short term peak. At the inflated prices I am also seeing the potential for more Corn exports out of Brazil. President Biden also announced today the ban on Russian Oil imports. So as I continue to look at the situation in Ukraine I still see this as the primary driving factor but there are other factors that could lead to short term corrections although I feel like the market may still have some legs.
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