Everyone is looking to next week’s acres report for the next clue.

Overnight- Wheat is higher while corn is unchanged and soybeans a little lower.

We have seen some short covering by managed money in the last report and we may see some more in the next report ending today. It will likely not be as large, but the funds are in trim mode.

We will still need some technical levels breached on the upside to build more momentum and get them to chase.

The next big report comes out on 3/28. Prospective plantings and quarterly stocks.

USDA outlook forum had 91 million acres of corn and 87.5 million acres of soybeans.

Many in the industry think the corn acres will grow and soybeans will shrink a little. Expect some volatility as these two reports in combination causes market gyrations.

We are looking to protect some downside going into next week.

We are still getting friendly news for the corn market as the Brazilian weather looks to stay mostly dry as we close out March and head into April.

Bottomline

As we said yesterday, Funds look to be in trimming mode and are taking some short risk off the table going into next week and we have supportive news out of Brazilian weather for the corn market. Take advantage of any more advances to get some new crop bushels protected or sold. NFC Grain Comments Options -new (23)

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