Market Report: Tough Day Today

Corn was a couple of cents lower in the overnight session, opened at 8:30 this morning lower and closed down 5-6 cents a bushel. Traders were not concerned about the low temperatures in the Midwest, instead focusing on the rapid planting progress. Many markets were under pressure today and the Dollar Index being higher yesterday and again today was likely a major factor. The USDA reported Export Loadings a day late this week and corn did have a very good number at 1.108 MMT. That is above the same week last year, but down slightly from last week.

Soybeans were lower today, too, closing down 8-11 cents a bushel. Soybean traders, like corn, focused on the rapid planting progress and not the low temperatures. I read on Pro Farmer that central North Dakota reported temperatures down around 20 degrees and below 32 degrees were as far south as I-90. Fortunately I have not heard of any significant frost damage in our area. Export loadings for beans were reported at 341,097 MT. Year to date 1.718 billion bushels have been exported out of the United States. The USDA also reported this morning a sale of old crop beans to China of 132,000 MT.