Market Report: Corn and Beans Higher Tuesday
Corn prices managed to firm up late Tuesday and closed with gains of about 3 cents a bushel. There might have been some short covering as traders are getting ready for the USDA stocks report that will be released Friday morning at 11. Friday is also the last day of the month, so it will likely be an exciting day with a lot of price action. There is some concern that the Army Corps of Engineers will be closing some of the locks and dams on the Mississippi River because of the heavy rain in Minnesota and Iowa.
Beans too saw some strength going into the close, with gains of 7-8 cents a bushel. Early in the day beans dropped down to the lowest level since early April before rallying back. Traders may have viewed beans as a value. Early in the day beans were pressured by a drier weather forecast, a firmer dollar and lower crude oil. Even though there is great export demand for beans, traders know harvest is picking up and there will be plenty of beans available very soon.