Market Report: Both Corn and Beans Lower

Corn closed today around a penny lower today. The Dollar Index started this morning quite a bit lower but closed higher and that pressured corn. Export Inspections were reported by the USDA at 1.027 MMT compared to 763,786 last week. However, last year for the same week they were much higher at 1.31 MMT. Export Inspections year to date are 432,169 behind last year so we do need to pick up the pace. The Foreign Agriculture office in South Korea reported that imports of U.S. corn are expected to increase to 4 MMT.

Soybeans added to losses throughout the session and ended 7-8 cents lower. Export Inspections were 564,823 MT, which was down from last week at 657,553 MT. Year to date shipments of soybeans are at 44.89 MMT. That represents 1.649 billion bushels of soybeans. In addition we are ahead of last year's pace by 154.7 million bushels. Remember that Friday we get the USDA April Supply Demand Report.