It was an impressive day for corn Thursday, posting gains of 9-11 cents. Export sales were solid at 43 million bushels. The sales pace has really picked up in the past month. There are questions about Brazil's second crop corn where it has been very dry. In addition there are concerns about how big our corn crop will be. You have to think with a $2 dollar a bushel rally in beans some intended corn acres might be switched to beans. We are done planting corn here but the Eastern corn belt has been wet. If you don't have your fertilizer on it is easy to replace your seed corn with soybean seed.

Beans were higher in the overnight session but saw some selling pressure in the day session. By the close beans lost 4-6 cents. With the big rally you have to think farmers have been selling any old crop beans they might still have in storage. They are probably locking in some new crop beans too. Export sales were termed disappointing at 7.8 million bushels. While that was down from last week we only need to sell 2.6 million bushels each week to meet the USDA's export projection for the year. It has dried up in Argentina so they can get at their bean harvest. There are a lot of questions about how many beans were lost and what the quality is of the beans they have.

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