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(March 26, 2002) CORN: Not exactly stellar times for corn. Despite positive action from wheat and beans, corn was just barely able to stay above water. News of Taiwanese interest in U.S. corn was supportive, but for now, pre-report evening up of positions is the primary feature of trade.

The perception that the USDA will hand us a negative corn report is keeping corn's future a bit dim right now. The Russian poultry ban also remains a negative hanging over the market.

The USDA forecast for corn planted acreage is expected to come out at 78.02 million acres versus 75.80 last year. Corn stocks are seen at 5.733 average, with a range of 5.669-5.806 billion bushels. The last report called for 8.264 billion bushels, and the year ago report called for 6.037 billion bushels. Numbers much outside of the range may be able to move the market. These numbers appear to be a bit negative, but are also not much of a surprise.

 

M. Steven Morgan

www.commodityreview.com

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