Market Report: Corn And Beans Higher

The bears finally lost control for a day. Corn was up about 4 cents today. I read the finds bought around 8,000 contracts or 40 million bushels. Export sales were below export expectations, but still a pretty good number at 865,100 MT. It was a bit unusual that corn managed to close higher with a stronger dollar. It was up over 100 points.

Beans had a good day to close up 10-16 cents. Export sales for soybeans had a good number at 459,200 MT for 2014-15 and 36,200 MT for 2015-16.

China was the main destination for the beans this week. Even though the South American harvest is well under way China is still buying beans from the United States. South America does not have the infrastructure that we have in the United States, and every year you read about trucks lined up for miles at the ports.

Even worse this year is the truckers' strike blocking roads in Brazil. The word was earlier this week that the Brazilian government was stepping in to end the strike. The word today was the truckers were still blocking a lot of roads, preventing beans from being moved into exportable locations.

The point is simple, if you want quality beans shipped on time, buy them from the United States!