Corn down 1 to 2 cents
Soybeans down 3 to 4 cents
Corn closed up 4 cents on Turnaround Tuesday, primarily due to being pulled along by the strength in the wheat market. There is also a possibility that analysts are looking at the snow and rain conditions across much of the Corn Belt and seeing the potential for planting delays. Brazil’s first corn crop is 43% harvested, slightly behind last year’s 45% at this time but on track with the average. Their second corn crop is 91% planted, well ahead of 83% last year and the 81% average for this time.
Soybeans closed up 7 cents yesterday, also caught up in the excitement of the wheat market. Conab reduced their estimate for Brazil’s soybean crop from 115.2 MMT to 113.5 MMT, which also probably helped. While we still have a general feeling of optimism out in the country that the U.S. and China will reach an agreement, the funds continue to add to their short position. We are getting into the time of year where South America’s soybeans become a cheaper option, which will make it tough for our beans to stay competitive in the global market.
Fog and rain overnight into this morning. High potential for flooding in many areas – be cautious as you are heading out.