Market Report: Corn and Soybeans Slightly Higher

Corn closed up slightly today after being lower in the morning. Export sales for corn were above expectations at 616,700 MT. Some of that corn was bought by China. The USDA reported this morning that 108,000 MT of sorghum was sold to an unknown destination. It helped that the Dollar Index was quite a bit lower. In addition, corn probably got some support from the forecast for next week that is cold and wet.

Soybeans changed directions and closed up about a penny after being lower in the morning. Export sales for old crop soybeans came in more that double the highest trade estimate at 312,600 MT. Even though a lot of beans are being shipped out of South America, we continue to sell beans for export. We have quality beans and our customers know that boats can be loaded and on their way to their country quickly if necessary.