Market Report: Beans Higher, Corn Slightly Weaker

Corn closed slightly lower today, posting losses of 1-2 cents. After a couple of big up days in a row it is not unusual to see prices settle back a bit. The USDA reported export sales of 627,200 MT of corn was sold last week for the 2014-15 season and another 200,400 MT for the 2015-16 season. Corn did trade higher this morning when the Dollar Index was lower. The Dollar Index rallied a bit off the lows and when that happened corn went from being higher to lower.

Beans closed with gains of 2-8 cents. Beans closed in the high end of the daily trading range. Traders are worried now that even if all the bean acres get planted it is so late that they will be more like double crop beans. There was more rain on the radar today, further delaying the planting of the last 12-14 million acres. Export sales had a supportive number at 353,853 MT. That total was the most weekly export sales since April 9.