Corn: Up 5 to 6
Beans: Up 5 to 6
The corn market is trading higher this morning after bouncing off its lows. U.S. corn consumption is expected to decline by as much as 400 million bushels. A rally would help eliminate the oversold condition, but supply disruptions would be about the only potential for a market rally. EIA’s weekly ethanol production and stocks report is out today and stocks are expected to grow again despite the drop in production.
Yesterday, the May bean contract fell to new lows but was then able to come back and closed higher. This brought some encouragement to the bean market. The bean market is trading higher today following yesterday's reversal. Outside markets also help support bean prices.