Market Report: Corn and Beans Slightly Lower

Corn closed one quarter to 3 cents lower in a fairly quiet day. There was not any friendly news for traders to work with today, but there was not really any bearish news either. Traders expected corn planting to be 70-75 percent complete in this afternoon's crop progress report. The report showed 75 percent of the corn is planted. Remember, the USDA releases the May Supply Demand Report tomorrow morning at 11. Traders expect old crop carryout to be 1.864 billion bushels compared to the the April estimate of 1.75 billion bushels. For new crop the trade guess is 1.75 billion bushels compared to the February Outlook Forum estimate of 1.687 billion bushels.

Soybeans closed today down 1-3 cents. In the Crop Progress report, the USDA said 31 percent of the soybeans are planted. It was 13 percent last week and the five-year average is 20 percent. In the USDA Report tomorrow morning the average trade guess is for carryout to be 360 million bushels compared to compared to 370 million bushels in last month's estimate. For new crop carryout is expected to balloon to 440 million bushels.