Bulls are pointing to flooding and extremely wet conditions in many important production areas.
Bears are saying growth in U.S. demand remains in question as flooding along the rivers continues to delay exports, livestock loses could somewhat limit feed demand and ethanol margins remain tight. Bears also believe there's still plenty of time to get the U.S. crop in the ground and no need to add excessive "risk-premium" this early in the game.
The USDA will deliver its acreage estimate late next week in the March 29th Prospective Plantings report. As I've been saying for several weeks, I just don't see the corn acres going in the ground that most sources have thrown out in their early forecasting. I could, however, see significantly more preventive plant acres. Bears are also pointing to what appears will be significantly more corn being harvested in South America, which could ultimately create headwinds for U.S. exporters.
As a producer, I'm staying extremely patient, believing there will be better pricing opportunities in the weeks ahead. Follow my report to receive my next cash sale.