Market Report: Corn and Beans Higher

It was a good day for corn as it closed about 5 cents higher. Today was as encouraging as Friday was disappointing. The Dollar Index was sharply lower and wheat was off to the races. Wheat was supported by world weather that is less than ideal and there was concern about wheat here in the Southern Plains. Harvest should be moving along and they are getting flooding rains. Export loadings were termed disappointing at 740,543 MT, although still above the pace needed to meet the export projections for the year.

Beans had a pretty good day, too, closing 4-6 cents higher. Export loadings were at 216,590 MT. We have already exceeded the USDA export forecast for the entire year by 11.65 percent. There was likely some short covering after Friday's losses, especially with the USDA June Supply Demand Report out Wednesday. Also supportive was the weather forecast calling for heavy rain in the Midwest. Traders may be getting concerned that there are a fair amount of beans not planted yet.