Markets Higher Thursday

It was a good day Thursday as corn saw gains of about 6-7 cents. There was a big break in the Dollar Index and that got the ball rolling. Corn closed above the 21-day moving average and traded higher than going into the November USDA Supply Demand Report. Remember that was quite bearish. I read there was some short covering along with some end user buying. The Dollar Index broke lower on news the European Central Bank is going to continue its asset buying program.

Beans managed to continue to grind higher posting gains of about 5 cents. It was nice to see the higher close because beans did trade 5-6 lower early in the day session. Beans were supported too by the lower Dollar Index along with weather in South America. Gordy has been talking about how dry it is in Northern Brazil and being too wet in Southern Brazil. Finally the "market" is starting to pay attention! Export sales were OK even though we are behind last year's pace. This year we have sold 1.21 billion bushels and last year at this date we were at 1.457 billion bushels. Last year end users were buying ahead because of tight world supplies. This year there are plenty of beans available so they are buying just as they need them.