Market Report: Quiet Today

Corn started the week fairly quietly and closed mixed. It seemed like traders did not have much in the way of news to trade. At least news that they wanted to trade. It was hot and dry in parts of South America over the weekend but some weather models had rain in the forecast for early this week. There is also some question about the second crop corn in South America. Some of the first crop beans were replanted or planted late, which will delay harvest. I even read one article that Brazil might have to import corn for domestic demand because farmers sold too much for export. That does not sound very efficient to export corn and then import it again. I suspect instead those export sales would be canceled and rebooked from the United States!

Beans had a good day today, grinding higher posting gains of around 6 cents. I read on Pro Farmer that the funds bought a net 5,000 contracts or 20 million bushels. Being that the funds were really short, they may have been getting a little concerned with their position given the weather in South America. Export Loadings for beans were called a bit disappointing at 1.197 MMT. That is still a good number of beans that left our ports. Corn Export loadings were kind of on pace at 599,765 MT.