Market Report: Beans Higher, Corn Slightly Weaker

Corn was trading higher this morning but closed slightly lower. Traders feel the corn crop is ahead of schedule and in fairly good condition. There was likely some position squaring ahead of tomorrow's USDA Supply Demand Report. Traders are thinking carryover here to increase slightly from the May report. For the world carryover, the average trade estimate for old crop is 192.67 MMT and new crop 192.41 MMT. Corn closed below the 40-day moving average, which in the short term is bearish.

Beans had a pretty good day, closing about 7 cents higher. For the USDA report tomorrow traders expect a slight reduction in old crop carryover. Traders are starting to get a bit concerned about the heavy rains in much of the South and Midwest. The old saying is beans don't like wet feet. On top of that, about 20 percent of the beans are not planted yet. Very soon traders will be guessing what the USDA will come up with for the Plantings report and Stocks Now Positions the end of this month. Those are typically market moving reports.