Market Report: Corn Higher, Soybeans Mixed
Corn had another good day as it continues to recover some of the losses from Tuesday. Export sales for corn were disappointing at only 431,700 MT. However, it was right at the weekly sales we need to meet the USDA export projections for the year. It helped today that the dollar index was lower. There was another announcement that another turkey flock in Minnesota and one in South Dakota have been confirmed with the H5N2 avian influenza and were liquidated.
Soybeans closed mixed today with old crop 3-4 cents lower and new crop around 2 cents higher. There was probably some position squaring after some pretty good gains after the USDA numbers on Tuesday. Export sales were very disappointing at only 27,400 MT. On the bright side, soybean meal sales were strong at 397,600 MT. Informa released undated estimates for Brazilian soybean production this year at 93 MMT and Argentina at 57.5 MMT. Remember the ag markets are closed tonight and tomorrow in observance of Good Friday. Trading resumes Sunday evening.