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(March 7, 2002) CORN: The USDA report is expected to show ending stocks between 1.549 billion bushels and 1.621 billion bushels, versus the February forecast for 1.546 billion bushels. As you can see, like the wheat, this is not an overtly positive forecast, but neither does it hold much surprise. Slow exports are behind the slight rise in stocks.

As mentioned previously, the funds remain very short the corn, despite today's buying of about 1500 contracts. Should they begin to cover shorts, corn could see good upside on a technical basis. That said, traders may not see the USDA report as necessarily friendly to corn, as it is believed that exports will be cut, and could reinforce the gloom surrounding the grain markets.

M. Steven Morgan
www.commodityreview.com

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