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800-634-3194(March 15, 2000) CORN: Talk of heavy rains in the Midwest encouraged traders to bank short term profits. Also weighing on the market are perspectives that it is a bit overbought after the recent rally, plus the pace of farmer selling of grain picked up on this rally. As pointed out, this is a problem the market may very well be dealing with. While there may be weather fears, we need to see that the physical business does not erode due to loss of business due to price. Watch for a fall off in exports, and more importantly, watch for precipitation, because that could derail this budding bull market quickly.
M. Steven Morgan
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