Corn: Up 5-6 cents
Soybeans: Up 6-7 cents
Corn closed higher yesterday with July Corn ending at $3.89 and December corn ending at $4.04 1/2. Planting conditions continue to be the main concern across much of the country. The USDA planting progress report came in a bit lower than the trade had expected. This normally would not be a big deal except that the forecast is not showing any improvement in the weather. With roughly half of the crop in the ground, there are still 45 million acres of corn yet to be planted across the country.
Soybeans ended yesterday higher with July beans up 10 at $8.31 and November beans up 10 1/2 at $8.57 3/4. Soybeans are higher again this morning as traders react to the disappointing planting progress report and the poor weather forecast into the end of the month. The USDA reported yesterday that 19% of the crop was in the ground, compared to the 5 year average of 47% at this time.