As of May 18, 2010, corn planting is 87% vs. 61% average and 78% in line with expectations. The good / excellent category for corn was 67%, below the average of 70%. Since we are early in the game, the chances for weather improvement remain high. The good / excellent conditions will be the next item to move the market. If yields start to fall under trend the corn market could respond quickly. It also makes corn the greatest risk if wanting to be short something.
Corn has been on a run since the end of April, mostly driven by buying intentions from China. It has recently moved back near its April lows because China's intentions have since quieted down and with the weakness of Brazil's dollar their focus has moved south.