Market Report: Two Days In A Row Higher

It has been a long time since corn and beans closed higher two days in a row. Corn posted gains today of about 5 cents. Traders are getting concerned about all the rain from Texas to the Ohio Valley. Maybe they are starting to realize more rain does not make more grain. The EIA report showed daily ethanol production last week averaged 980,000 barrels per day. That was down a bit from last week's record production of 992,000 barrels per day. The USDA reported a daily corn sale of 100,000 MT sold to an unknown destination. Remember there was a daily sale yesterday of 120,000 MT.

This was the second day in a row beans saw double-digit gains. Beans were up 11-12 cents a bushel. Traders seem to be realizing that we may not get all the beans planted this year. Tropical Depression Bill was pumping a lot of rain into Texas and it is headed all the way to the Ohio Valley. I read that the funds are still short 100,000 contracts in the last CFTC report. Could this finally be the spark to get them to cover those shorts and give us a nice rally?