Corn and Beans Follow Through Overnight
It was quit unusual that the USDA releases a big report and then we go into a long holiday weekend. But that is what occurred Thursday morning at 11:00. The USDA released the Stocks Now Positions and Prospective Plantings Reports. Traders only had about an hour and 20 minutes to trade the reports and then the grain markets were closed for the long Easter holiday weekend. Corn closed about 14 cents higher Thursday and beans about 30 cents!
I suspect the question on many farmers minds was would there be any follow through Sunday night in the overnight session or today? Many, myself included were concerned that Thursday was a "one day wonder" and the market would give back much of Thursday's gains. That has been what has happened a number of times the last couple years. However, last evening I checked the markets about 8:00 and was pleased to see corn was up 4 cents and beans about 10 cents. Then this morning both corn and beans were holding those gains!