Markets Today Quiet Again

Corn came out of the long Easter weekend the same way it started, quiet. In the overnight session, corn did not trade far from unchanged and that was the case today, too. There is no doubt traders are waiting for the USDA acres and stocks report Thursday morning. The funds are very short, expecting a bearish report. There is no doubt in their mind farmers are going to plant more corn. Plus, with slower export demand they are convinced the stocks will be much higher, too. Maybe a surprise will come from good ethanol and feed demand resulting in a lower stocks number? The weekly export loadings had another good number at 977,686 MT.

Once again is was a similar story in beans, as beans closed about unchanged. Export loadings were solid at 21 million bushels, which provided some support. May beans actually traded today at $9.14 3/4 before falling back to close about unchanged. That is the highest May beans have been since early December 2015. While traders are convinced farmers will plant more corn this year, they expect bean acres will be lower. One way or the other we will know at 11 Thursday morning.