Market Report: Corn and Beans Quiet Monday

Corn managed to firm up late Monday to close 1-3 cents higher. Corn saw another week of good export loadings at 1.111 MMT. Even with strong export loadings recently, we are still about 11.6 percent behind last year. In the morning the USDA announced 128,000 MT of corn was sold to South Korea for 2015-16 delivery. It was a little bearish when private consultant Informa released a report saying corn acres this year will be 93.4 million. That is about what the USDA  saw in the Perspective Plantings report that was released the end of March

There was not a lot of action in beans either as beans closed about unchanged to up 2 cents. A weaker dollar index and higher energy prices seemed to support both corn and beans. Beans tried to rally and fell back to about unchanged and the bears tried to push beans lower with little success either. It seems beans are in a consolidation mode right now after the explosive gains last week. Export loadings came in at 194,627 MT, which was an OK number. Year to date export loadings are still 7.4 percent behind last year's pace. NOPA crush came in at 147,614 million bushels. That was 2 percent below April 2015.