Grain Express

Corn (May)

Fundamentals: The “highly anticipated” USDA report was a dud, the USDA left just about everything but the date unchanged from the previous month. The average analyst estimate was looking for ending stocks to drop, so it was a Neutral/Bearish report in our opinion. The upward momentum remains intact for the new crop contract. Funds position size nearly double next week and if the fundamentals firm, it could provide a big lift for the market. Not just from fund buying, but a short squeeze on commercial shorts and producers.