Market Report: Corn and Soybeans Close Higher

Corn recovered some of the recent losses today, closing 3 cents higher. Traders may have been thinking the losses may have been overdone. The Dollar Index was about 800 points lower, so that was supportive along with the planting progress report. With corn only 2 percent planted and more rain delays for the southern corn belt, southeast and delta, we will likely continue to lag behind normal. But it is still early so traders will not be overly concerned yet. Seasonally, corn is due for a rally so maybe this is a start.

Soybeans saw a recovery today, too, closing up 8-12 cents. Traders are still talking about soybean sales on the books to China will be canceled and switched to South America. I read on Pro Farmer that soybean traders are watching the rain delays in the south wondering if some of those acres might be switched to soybeans. So, than why are corn traders not wondering if we will have less corn acres this year? If it is bearish beans than it should be bullish corn.