Market Report: Corn and Beans Higher

Corn had a good day, closing up 5-6 cents a bushel. I read on Pro Farmer that the funds did some short covering today, buying about 9,000 contracts or 45 million bushels. The wheat market was sharply higher and that probably supported corn along with the Dollar Index being lower again today. Informa released their latest acreage estimates for this year with corn at 88.7 million acres compared to the USDA March estimate of 89.2 million acres. This also supported the corn market. Export sales for corn were disappointing at only 370,000 MT. Remember we had the USDA report out this week and we always see export sales slow down going into a USDA report.

Soybeans closed up a fraction to up 3 cents a bushel. Export sales were called disappointing at 136,600 MT. Remember we are already ahead of the USDA export sales projection by about 20 million bushels and the marketing year ends Oct. 1. Informa projected bean acres this year at 87.18 million acres and that is 2.55 million acres about the USDA March estimate.