It ain’t over until the fat lady sings. And she’s not singing yet for the grain market. Taking into account both the recent USDA crop data that fueled the latest rally in grain prices and market variables like the U.S. corn stocks-to-use ratio and there’s ample reason to believe the rally in corn prices — and likely the other grains that typically follow their lead — will likely “be well supported going into spring,” one analyst said Thursday. Thought ethanol demand was reduced in the latest USDA data, export demand more than makes up for it, especially as China officially ups its export demand and the new administration adjusts its overall approach to stabilize and grow trade with the nation. Another number to watch: Though USDA lowered domestic feed demand in its recent round of reports, record livestock output — dairy, beef and pork — signals that may actually be USDA’s stab at reducing short-term demand based on the idea the grain market climb will continue. See more on the bullish variables lining up for the grains.