The grain markets continue to bolt higher, as drought stress on second season Brazil corn crop and higher U.S. ethanol prices have been the latest bullish factors. Ending stocks for this year are projected to be at minimum pipeline levels, so the market’s job is to take prices to levels where demand is flattened, or in some cases, rationed away. This is beginning to occur in some markets– U.S. crush plants on the East Coast and Southeast are importing beans from Brazil, U.S. hog and cattle feeders in the southern plains have substituted wheat for corn in rations, and China has cancelled a small amount of U.S. corn purchases booked for this Summer. U.S. weather will be critical to achieve trend line yields. The market believes that more acres were planted than the March 31 report indicated, but that won’t be revealed until the next acreage number on June 30, which is a quarterly stocks report also. Circle that date on your calendar!