Corn: Down 2 – 4 cents
Beans: Up 1 – 2 cents
July corn finished 5 1/4 higher yesterday at $3.94 1/4, December corn was 6 higher closing at $4.10 1/2. Not much has changed with the wet weather, and some forecasters are predicting rain into early June. Corn is trading slightly lower this morning with some spreads between corn and beans put on yesterday unwinding, which is giving the bean market a little push this morning and bringing some light selling to the corn market.
July soybeans ended 9 3/4 lower yesterday, closing at $8.22 while November beans ended 9 1/4 lower at $8.48 1/2. The soybean market traded higher early yesterday but fell later in the day as rumors emerged about a possible $2.00/bu. 2019 Market Facilitation Payment for soybean producers. This put downward pressure on the market with the assumption that a $2 payment would encourage producers to move some corn acres to bean acres. This morning beans are trading higher, due to the weather which continues to leave much of the country wet and unable to plant.
Even with the small setback overnight in corn, we are at levels we haven’t been at for quite some time. If you need to finish up some Old Crop sales, or add to New Crop sales, we would encourage you to call our Grain Marketing Advisors and let us know how to assist.