Market Report: Corn Lower, Beans Higher

Corn opened this morning slightly lower and closed down around 2 cents. Export loading were reported at 1.068 MMT. That was quite a bit higher than last week and 22 million bushels lower than the same week last year. In the Crop Progress Report, the average trade guess for planting progress was from 9-13 percent planted. The USDA reported just 9 percent of the corn was planted. Gordy with Chido Commodities said this morning in our 8:30 report the funds added around 59,000 shorts in the last week. That is a lot of selling on one week.

Soybeans closed 6-9 cents higher today. Traders were watching talk about Brazilian truckers on strike again and blocking roads. On Sunday, China took action to reduce bank reserve requirements, trying to boost their economy. The thought was this might increase bean demand from China. The Dollar Index was higher, which slowed the down the gains in soybeans. Export loading for soybeans were 147,939 MT while it was 450,365 MT. However, Export Loadings are still 161 million bushels ahead of last year.