Market Report: Corn and Beans Firmer

It may have been a moral victory as it seems many Mondays both corn and beans close lower, but corn was up 2-3 cents a bushel today. The USDA reported that 85 percent of the corn crop is planted. That is about what traders expected. Export Inspections normally are released on Mondays but the USDA said they had "technical problems" and I still have not seen the numbers. Traders are maybe a little concerned about the weather. It has been very wet across much of the Midwest and they are thinking maybe some corn acres might be switched to beans. Plus it is supposed to be really cold for the next day or two. Our corn should be fine because even if it does freeze off the growing point is still below ground level so it should grow back.

Beans closed 1/2 to 1-1/4 higher today. The bearish fundamentals of a large carryout this year and next continues to hang over the market. Traders were also talking about some corn acres being moved to soybeans because of all the rain in the central and southern Midwest. Farmers are concerned about the low temperature forecast for tonight. When beans have just emerged they can tolerate temperatures down about 28 degrees before freezing. But unlike corn, soybeans have the crowing point on the top of the plant. If it  does freeze they are gone and you get the planter out again. Lets hope the clouds hang around tonight along with some wind. It sounds like if we make it through tomorrow morning it is going to warm up. The USDA reported 45 percent of the bean crop has been planted.