Market Report: Corn and Beans Lower

It was a tough day for corn, closing down around 5 cents. Pro Farmer reported the funds sold 8,000, contracts which represents 40 million bushels. The dollar index was higher and traders were talking about the great planting weather to get the corn crop off to a good start. Traders are also convinced that with good weather farmers are going to plant more corn than the perspective plantings report indicated the end of March. The May contract is in delivery and it did not help that there were a fair number deliveries. Export sales for corn were solid at 897,200 MT.

Beans ended today down anywhere from 5-9 cents. Export sales for soybeans were reported by the USDA at 689,200 MT with 338,900 MT of old crop. This did not have any impact on the market even though we have already hit the USDA target for this marketing year. After the wet weather this week, traders saw next week is is supposed to be dry so they assumed rapid soybean planting next week.