Market Report: Corn And Beans Higher Tuesday

It was an impressive day for corn Monday, posting gains of 5-7 cents. Traders seem to have noticed the cool, wet forecast that will shut down corn planting until next week. In Monday's crop progress report, corn planting was well ahead of the five-year average at 30 percent. We will likely be at the five-year average in next Monday's report. Private analysts are lowering projections for Brazil's second crop corn as it is still warm and dry. The dollar index was lower and crude oil higher, which supported all the grains.

It was a very good day for beans too on Tuesday, with gains of 10-18 cents. Bull spreading was again a major factor. With the size of the Argentina bean crop in question, traders are thinking some of that export business will likely come to the U.S. I read on Pro Farmer that the funds bought about 14,000 bean contracts Tuesday. That represents 70 million bushels. It sure is nice to see money flowing back into the grain markets!