Corn bulls continue to wait on a more significant weather headline. The USDA data showed a lowering of domestic feed usage by 50 million bushels, and subsequently a jump in overall corn supply. This was certainly not a shock to the trade, and most all of the corn data was digest as a non-event, all eyes now turn back towards U.S. weather.
The Delta region and portions of the southern Corn Belt might just start to provide more of that bullish thunder. I've seen several forecasts that are now projecting more heavy rainfall and moisture totals through perhaps the end of the month. I'm also hearing more talk about heavier moisture totals in other key production areas. Meaning the trade might soon start to become much more concerned about a wet spring. As most know, farmers tend to have a much more difficult time with wet fields during planting than they do dry fields. Also keep in mind many farmers in the Delta and southern regions often like to have their corn planted by tax day (April 15).
The trade and the media may also start to talk about nitrogen losses during a year when farmer budgets simply can't afford to replant, sidedress or throw additional chemical's and fertilizer at their crop. With the weather wild-card still floating around, I think best practice is to simply remain patient and wait for a move higher to reduce any additional new-crop or old-crop risk. Get my daily report.