"The bull needs to be fed every day," Martinson said. And, he said, with little new news, the bull is getting hungry.
Martinson said traders were disappointed that the U.S. Department of Agriculture made no changes to U.S. numbers in the March World Agriculture Supply and Demand Estimates report. With exports remaining strong, those have to change at some point. He said hopefully the change will come in the coming months, though he anticipates in will be summer and hopes it won't be September or later.
"They have to come in to play and start raising that at some point or we'll have to see start seeing some cancellations," he said.
The WASDE made a small increase to the size of the Brazilian soybean crop, another somewhat surprising move given heavy rains that have delayed harvest and caused at least some sprouting of beans in fields, Martinson said. However, Argentina's production was lowered due to drought. That area is forecast to get some rains.
"The crop is getting hurt," he said. "This rain will likely try to stop that deterioration."
Rain is expected in the Southern Plains, which should help the winter wheat crop, which has held on better than expected. Martinson said the chance for substantial news for any of the grains likely will come at the end of March in the Prospective Planting and Quarterly Stocks reports.
Feeder cattle had a better week, in part because corn was down. However, Martinson said there are a lot of positives pointing toward improved demand, including stimulus checks going out soon, higher stock markets, states opening up and more.
"Everybody has been locked up for a year, and I think the barbecue grills are waiting to get started up," he said.
A forecasted storm across much of the major feeding areas of the U.S. also should help the market, as it probably will bring down cattle weights and tighten up the supply.
Grains have been pressured by news of African Swine Fever in China, but that same news has helped hogs. If ASF keeps spreading, demand for U.S. pork likely will continue to increase, Martinson said.