Don't spring forward yet on corn

When the calendar turns to March, gardeners get itchy to plant things. Experience teaches that it's often a good idea to hold off.

The above chart shows that corn traders who were willing to wait until late April 2023 stood a much better chance of profit, both on the long and short sides, than those who jumped in during March. The weather markets of late Spring and early Summer were especially rewarding in both directions.

If the present uptrend pushes May corn above 440, we'll be ready to buy. We won't be surprised if that doesn't happen in March. Until then, we plan to watch and wait.