Month End Profit Taking Today On the COBT
Corn and bean futures were under pressure this morning but by the close corn recovered most of the losses and beans actually got a little higher in the old crop. Much of todays action appeared to be end of the month profit taking. Prices are quite a bit higher today than early April. Corn still is in an uptrend mainly supported by very good demand and the market seems to be getting a bit concerned about planting delays with the cold wet weather. There is more talk about some intended corn acres being switched to beans because of the weather. That talk is supporting new crop corn prices. On the other hand it does put a drag on new crop beans prices. It is still early, but this spring brings back bad memories of last year and all the Prevented Plant acres. When I was at the annual Farm Business Management Analysis Banquet at the South Central College in Faribault I saw that 12 percent of the corn in our area did not get planted last year! No one wants to go through that again.