Market Report: Corn and Soybeans Sharply Higher

Corn had one of the largest gains of the year today, closing up 10-11 cents. It seems corn and beans have been going the opposite of the dollar recently. So, today the dollar was sharply lower and corn and beans higher. It helped today that Informa Economics released a report projecting corn acres this year slightly below the USDA Outlook Forum estimate. Also helping today was a long-range weather forecast calling for higher than normal temperatures and below-normal precipitation for the next 90 days.

Soybean prices had a good day, too, closing up 10-12 cents. The dollar dropping helped beans, too. While the soybean crop in South America might not be as large as traders thought, it will still be a record. One of the biggest reports of the year will be released March 31. I am referring to the perspective plantings report and the stocks now positions. Weather will be in the background until those reports March 31.