Market Report: Corn and Beans About Unchanged

It was a quiet day today, with corn closing about 2 cents lower. Rain moving through the Midwest was considered very beneficial to crop development. The Farm Service Agency reported this morning that 2.3 million acres of corn did not get planted this year. That represents about 350 million bushels that could be taken off the projected carryover. The UDA reported this morning that 900 MT of corn was loaded for export last week.

It was quiet day for beans, too, closing about 2 cents higher. I did see a report from the Pro Farmer Midwest Crop Tour Eastern Leg that bean yields were lower than the last USDA report. However there are three more days of the tour left. Export Loadings for beans had a good number at 375 million bushels. The Dollar Index was slightly higher but rain on the radar seemed to be the major factor keeping beans from getting any type of recovery going.