Beans another stronger day
Beans are quite a bit higher again today. The USDA reported this morning that bean export loadings totaled 1,270,993 MMT. When beans are loaded on a ship it is not likely they will be canceled. So, that is another chunk of beans that will not be canceled. Another reason that China may not cancel as many bean purchases from the United States as many think is because there are shipping delays out of Brazil. Corn was a few cents lower this morning but have since recovered to about unchanged. March Corn Futures had closed over the overhead resistance at $4.50 which now has turned into support. It is important that it closes today over $4.50. Southern Brazil did get some rain over the weekend so traders think that will increase the second crop corn that is planted after the beans are harvested. I read an article over the weekend that questioned how much corn will be planted after soybeans. From central Brazil it costs Farmers about $2 a bushel just to get the corn to a port so it can be exported. With corn prices a little over $4 a bushel one would think Farmers in Brazil would not have much incentive to take more risk and plant a lot of second crop corn.