The USDA will release its quarterly Grain Stocks and Acreage reports on June 30. These reports provide important fundamental information that will set the tone for the corn market going into the critical stage of the growing season.

The U.S. corn industry experienced a significant "growth spurt" beginning in the 2007-08 marketing year that continued through the 2011-12 marketing year. That 5-year boom period was characterized by larger consumption, larger production, and higher prices; a combination that demonstrates the strong demand for U.S. corn beginning in 2007-08. The issue moving forward is whether or not demand for U.S. corn has peaked.

The corn market, along with most other commodity and financial markets, was negatively impacted by the uncertainty created by the natural disaster in Japan and on-going conflicts in North Africa and the Middle East. The Japanese situation is especially important for corn since Japan is the largest importer of U.S. corn.