Market Report: Corn Firmer, Beans Lower

Corn managed to close a couple of cents higher today. I suspect that traders are "fading" the USDA acres report last week that farmers will plant 93.5 million acres this year. Because of the big drop in corn prices and delayed planting in the South, some of those acres might just get switched to beans. I read today that export prices for corn are $159 a ton. That is $3 a ton below Argentina prices. Corn acres will be up this year but not likely by 5.5 million acres. Weather will be a big factor in just how many corn acres will be planted this year.

Beans lost 8-9 cents today. That is not really surprising as beans had rallied 68 cents a bushel. The International Grains Council reported that U.S. bean prices for export are at $349 a ton, $6 a ton below Brazil but $10 a ton higher than Argentina. The bean basis did widen at the elevators that I watch, but I suspect farmers did reward the recent rally with sales for both old and new crop.