A lot of us start the New Year with the best of intentions, making resolutions to lose weight or break a bad habit. Usually, it doesn't take long for the old ways to reassert themselves, and that's the test for the corn market this week.
Despite ongoing worries about demand, corn prices started last week fully intending to keep their rally alive. But by Friday March futures had actually reversed to close lower for the week, ahead of Monday's USDA report. Whether corn can continue in rally mode depends first on the data, and second on whether the boom in beans, the driving force behind the holiday rally, can keep going.
Traders don't see big changes coming from USDA, which reports Dec. 1 grain inventory, as well as updated 2008 production and ending stocks. But all these could be wild cards, containing the possibility of benefit or mischief.
To read Bryce Knorr's complete weekly corn review, click HERE.