Market Report: Corn and Beans Higher Again Tuesday

The bears tried to push corn lower Tuesday but failed as corn closed about 1-3 cents higher. The crop progress numbers showed 98 percent of the crop was planted and 75 percent is in good to excellent condition. So, 98 percent of the corn is planted but how many acres were planted? Was it 93.6 million that the USDA projected in March? The acres report the USDA will release on June 30 will be interesting! A few days ago both Gordy and Kevin mentioned on the air that the corn chart is looking exactly how the bean chart looked back in April when beans were starting to rally. Is that an indication that corn is set to rally and catch up with beans? If I knew for sure I would not have to get up at 3:15 every day!

It was the same story in beans as corn. The bears tried to push beans lower but beans firmed up, going into the close with gains of 3-11 cents. The USDA reported that 83 percent of the beans are planted, 65 percent emerged and 72 percent of the crop is in good to excellent condition. The USDA announced a sale of 6 million bushels of new crop beans were sold to China. I heard one analyst say Argentina likely lost 7MMT of beans because of the wet weather during harvest. That is about 300 million bushels of beans! Where else can end users go for those beans? The United States and what will that do to our projected carryover of 400 million bushels of beans this year?