Markets: Another Good Day

Corn saw an active day of trading today. This morning corn was trading 6-7 cents higher going into the USDA report at 11AM. The corn numbers in the USDA report were nothing shocking. World and U.S. ending stocks were within the range of trade guess going into the report. U.S. ending stocks are now projected at 1.862 billion bushels and world ending stocks at 208.91 MMT. When the USDA report was released, corn dropped to about unchanged. Corn traded about unchanged until shortly before the close when corn rallied back to close 5-6 cents higher. Crude oil was higher and that likely supported corn, along with maybe some short covering.

When I got to the studio this morning beans were about 6 cents higher. Beans traded higher going into the report. Like corn the gains disappeared after the report only to rally back just before the close. U.S. ending stocks were lowered by 15 million bushels to 445 million bushels. World bean ending stocks were increased 1 MMT to 83 MMT. Both of those numbers were a little friendly comparing to the average prereport estimates in northeastern Brazil. That has cut yields on some of the late maturing beans. Beans have been on an impressive rally since last Friday, breaking through overhead resistance today. May beans traded at their highest level since October 14, 2015.