Market Report: Corn and Beans Higher

With the March USDA supply demand report out tomorrow morning at 11, we may have seen a bit of short covering today. Corn was up 2-4 cents and beans were up 7-9 cents. It also helped that the dollar index was a little lower.

Export loadings were supportive, with corn at 1.8 MMT and soybeans at 23 million bushels. For the USDA Report, traders are expecting a drop in carryover of only 1 million bushels of corn to 1.826 billion bushels, and a 9 million bushel drop in soybeans to 376 million bushels.

For world carryover, traders are expecting almost no changes. The most important numbers will come from the USDA on March 31, with the stocks now positioned and the prospective planting report. While traders expect a sort of boring report from the USDA tomorrow morning, there is always the possibility of a surprise.