Market Report: Beans Higher, Corn Slightly Higher

Corn spent a good part of today's session under pressure but rallied back late to post gains of 1-2 cents. Traders were focused on the planting progress report that showed corn was 55 percent planted. The five-year average for this date would be 38 percent. The corn market was technically oversold by most any measure, so there was maybe a little short-covering today, too. Informa increased their estimate of Brazilian corn production by 5.6 MMT to 80.3 MMT.

Soybeans had another good day, posting gains of 4-10 cents. The rally the past few days is in spite of South America harvesting another record crop.The problem is South America is having problems getting those soybeans exported. There is a truckers strike, port workers strike, and even a soybean crushing plant was torched by strikers. Informa estimated Brazilizn soybeans production at 94.5 MMT and at Argentina 59 MMT.