Corn closed 1-2 cents lower today. It was a fairly quiet session, with corn in a very narrow range. Weekly export loadings were reported by the USDA at 1.05 MMT. During this marketing year the corn inspections are slightly behind last year at 94.57 percent of last year at this time. This afternoon the USDA crop progress report showed corn planting progress at 55 percent. The five-year average for this date is 38 percent planted. Last year on this date we were 28 percent planted. Looking at the state breakdowns, the eastern corn belt is still well behind normal and I read farmers down south have given up on getting corn planted.

Soybeans had a big day, closing 9-14 cents higher. Soybean oil moved sharply higher and that supported soybeans. I read on Brugler Marketing and Management that there were rumors of a large soybean oil purchase by China. Even though it was from Brazil it still helped bean prices here. Export loadings for beans were reported at 172,066 MT. Year to date export loadings for soybeans are 166 million bushels ahead of last year at this time. The planting progress report showed that 13 percent of the beans are planted compared to 5 percent last year at this time. The four-year average for this date is 9 percent planted.

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