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Both corn and soybean markets have posted corrective rallies from February John Deere lows. We are a long way, technically or fundamentally, from turning major trends bullish. Short-covering appeared to run out late last week completing the first leg up of something. The best we should hope for is that the John Deere low holds if tested and the upside correction is complex and incomplete. If so, after this pullback another leg of rally would resume. Ellioticians call it an A-B-C corrective chart pattern.   Farmers were making some catch-up sales on flash bids from our local ethanol plant. They briefly pushed 22 cents over CBOT here and got offers filled quickly. Most farmers are hoping for more however. Sales are mostly driven by cash flow needs. Soybean basis improved a nickel but remained well below last year’s basis levels.   USDA will provide some fundamental fodder for markets to chew over later this week in their quarterly stocks and planting intentions reports. The stocks report should tell us a couple things. It gives a read on demand consumption and also tells us where grain is positioned. In corn and soybeans; domestic usage, feed and biofuel, should be up versus…

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