Corn traded lower in the overnight session and opened weaker Wednesday morning. By the close Wednesday corn was 8-9 cents higher. Typically corn works lower during this time of year so this rally is a bit unusual. The dollar index was lower and we saw strong commercial buying which were very supportive. In the crop progress report the USDA said 94 percent of the corn crop is planted and the crop condition ratings were very high, of course they always are at this time of year.

Beans were impressive too Wednesday, posting gains of 21 cents in the nearby contracts and 12 in new crop. There was strong commercial buying in beans too. That would sure indicate good export demand. July beans traded at the highest level since September 2104. The USDA reported that 73 percent of the crop was planted. The five-year average is 66 percent. I read on Pro Farmer that the funds bought about 12,000 contracts, or 60 million bushels, Wednesday. It is going to be interesting to see if we can extend the rally in beans.

More From KDHL Radio