Market Report: Corn and Beans Firmer Thursday

Corn had a pretty good day Thursday, closing near the highs of the day up 2-3 cents a bushel. The weekly export sales report had good numbers again at 47.6 million bushels. Of that total, 6.6 million bushels was old crop. In addition, the USDA announced a daily sale of 191,600 MT of new crop corn to an unknown destination. Many traders are convinced this is the biggest crop in the history of farming and getting bigger each day. However, some traders are noticing the reports of pollination issues with tip back.

Beans were lower for most of the day Thursday but firmed up going into the close, posting gains of about 2 cents a bushel. Weekly export sales saw big bean numbers, too, with 177,900 MT of old crop and 1.597,900 of new crop. The sales did match the lofty trade expectations but did not exceed them so many traders called the export sales report neutral. The dollar index was lower, trading at the lows of the recant trading ranges. Bean oil firmed up later in the day, and that likely supported all the grains.