Market Report: Corn and Beans Higher

Corn closed 3-5 cents higher today. rallying right up to resistance levels. The Dollar Index was lower and traders continue to digest reports from the Pro Farmer Midwest Crop tour casting doubt on the USDA's last report. Remember the USDA actually increased the national average corn yield for two bushels an acre. Also supportive was the Export Sales Report. Export sales for corn came in  with a good number at about 18 million bushels.

It seems like it has been a long time since we have seen a bean rally but we had it today as beans closed 10-18 cents higher. Old crop beans were the strongest. Bean Export sales had a good number, too, coming in at 880,000 MT. That is the highest weekly total since April 9. The Pro Farmer Midwest Crop Tour put the Illinois down 8 percent from last year. The Pro Farmer Midwest Crop Tour continues to cast doubt about the last USDA report when they raised the bean yield estimate.