Every year, on March 31st, there are two news releases by the USDA that have the potential of moving the grain market. One is the planting intentions of US farmers and the other is the grain stocks report.
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Both world and US inventories of corn are uncomfortably small this year. As a result, the short term direction of corn prices is highly uncertain. A drought in Argentina in December reduced production somewhat. If that is combined with a drought in the US, prices would spike upward. A good harvest is extremely important this year. A drought would send prices soaring.
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