Market Report: Corn Firmer, Beans Lower Again

Corn had another moral victory today, closing 1-2 cents higher while beans were lower again. Traders are watching reports from the Pro Farmer Crop Tour. The tour projected a yield for Indiana at 143 bushels an acre. In 2014 it was 163. Nebraska was at 165 compared to 163 in 2014. Traders continue to believe that the western corn belt is good enough to make up for the bad in the eastern corn belt. I saw some traders talking about Minnesota having a state yield of 250 bushels an acre. I guess that is the yield we need in Minnesota to help make up for a state yield of 143 bushels an acre.

Beans lost another 6-12 cents a bushel. Traders viewed the rain the past couple of days as very beneficial. In addition, the beans in the western corn belt seemed to take the wet weather better than the corn. The Pro Farmer Crop Tour found pod counts down in Indiana -- only 5 percent compared to the three-year average. In Nebraska pod counts were up a whopping 17 percent compared to the three-year average.