Corn up 3-4
Beans up 4-6
We saw the corn market fall again yesterday due to fund profit taking and improvements to the extended weather forecast. A large percentage of the U.S. corn crop will be pollinating in the next few weeks and if the weather does cool off a bit and we get some rain showers, it would make for ideal pollinating weather. Although the crop is still very behind, the growing conditions seem to be improving slightly. Corn is bouncing back on the 50-day trade average as it is back up this morning.
Soybeans fell off yesterday due to technical selling, improving weather conditions in the eastern corn belt and rumors that China will be rolling their old crop purchases to new crop purchases. The bean market is following corn up this morning, however, the long term outlook on soybeans still continues to be bearish.
Now would be a great time to lock in a basis contract as new crop basis levels continue to be at historically firm levels. Talk to your Grain Marketing Advisor or your local Landus Cooperative location if you are interested or have any questions.