Markets Edge Higher Tuesday

It was a fairly quiet day in the corn market Tuesday as corn posted gains of 1-3 cents. Corn pushed right up to the 21-day moving average but could not break through. That is not unusual as the March USDA Supply Demand report will be released at 11 this morning. The average trade guess for corn carryover is 1.837 billion bushels, compared to the February estimate of 1.854 billion bushels. Traders expect very little change to the world carryover numbers either.

Beans managed to gain 1-4 cents Tuesday. New crop beans were the most encouraging because it was the second day beans broke out to the upside of channel line trend. Traders expect very little change in carryover from the USDA report. Carryover is expected at 452 million bushels compared to 450 million in the February report. The next market moving report will be the stocks and prospective plantings reports due out on March 31. That is a typically market moving report!