Markets: Higher Tuesday!

Corn had a good day Tuesday, closing with gains of about 4 cents. Corn was higher in the overnight session, lost most of the gains in the morning, but then clawed back to close on the highs for the day. Corn prices held support for four days in a row so maybe there was a little short covering that took corn higher. The Dollar Index was higher, which may have kept a lid on prices, but the stock market was up big and that may have offset the higher Dollar Index. The USDA reported export loadings of 690,922 MT, which was up about 50 percent from the previous week. In addition, the USDA announced a daily sale of corn to Columbia.

There was a fair amount of bearish news in beans but they still managed to close 5-7 cents higher. Over the weekend there was rain in Argentina and traders viewed that as bearish. However, some areas saw flooding rains but traders never seem to get too concerned about that. The NOPA Crush report was termed disappointing at 150.453 million bushels. Export loadings came in at 1.760 MMT, which was up almost 40 percent from the previous week. Very soon corn and bean traders will start to watch the weather as the planting season is approaching in the southern United States.