Corn up 2 to 3
Beans 1 to 2 higher
Corn markets climbed higher yesterday, following the WASDE report. On the demand side, new crop carryout was increased after the USDA decreased expected exports by 100 million. Ethanol remained unchanged and the feed/residual number saw a decrease of 25 million. On the supply side there remains uncertainty on the accuracy of both the planted acres number of 91.7 million and the average yield number of 166.0 bu/acre. Corn traded slightly lower during the overnight, but finished 2 – 3 higher for the session.
The bean market finished with modest gains yesterday after mostly neutral news in yesterday’s report. Most changes that were made were expected. Exports remained unchanged, as we wait to see what China will do with the unshipped bushels they have booked. The USDA did decrease expected yields by 1 bu. but that was expected with the planting delays experienced this spring. Beans also traded down a little overnight, and this morning have climbed to the positive side.
Heat moving into the Midwest and potential for precipitation moving out of the forecast will support both corn and beans for the next few days.