After trading lower in the overnight session, corn rallied during the day and closed 2-6 cents higher. The weekly export sales report from the USDA had a whopper of a number at 102 million bushels, 85 million old crop and 17.3 million new crop. We are now about 8 percent behind last year; the USDA has projected an 11 percent decline. That did get traders' attention, along with the dry weather affecting Brazil's second crop corn. There have been some projections that their corn production may have been cut by 5-10 MMT. This also has gotten traders' attention.

It was a bit disappointing in the bean trade Thursday as beans were higher during the day but closed about a penny lower in old crop. There was some bear spreading late in the session as new crop beans closed up 5 cents. The dollar index was lower and traders are concerned about just how bad the losses are in Argentina because of flooding rains. Traders are also thinking that because of the rapid start to corn planting that fewer acres will be switched to beans. Beans had a very good number for export sales too at 8.3 million bushels of old crop and 26.5 million new crop.

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