Corn managed to gain about 2-4 cents Tuesday. New crop December corn has closed firmer for four straight days. There are private estimates coming out of South America that continue to drop their second crop corn production. The dollar index was lower and the funds continued to cover some of their shorts. With the big rally in beans, traders are more convinced that some of the intended corn acres will be switched to beans. That sounds like a reasonable assumption, especially in the Southern and Eastern corn belt where it has been really wet delaying corn planting.

Beans traded lower in the overnight session and opened Tuesday morning lower too. Later in the morning beans started to rally and closed up 9-15 cents. Oil World released a report indicating about 7 MMT of beans have been lost in Argentina. The bean market seems to be more and more concerned about how many beans were lost in Argentina. In addition there are questions about the quality of the beans they do harvest. This could become an even bigger issue as Argentina exports a lot of soybean meal to the world market.

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