Corn down 1 to 2 cents
Soybeans unchanged to down 1
The corn market is trading slightly lower this morning after recovering Monday’s losses yesterday. Corn moved higher yesterday when wheat turned higher with cold-weather concerns and dry conditions persisting in the Black Seas regions. Corn export inspections were finally on the higher end of guesses but are still lagging behind YTD. Beans traded steady yesterday after Monday’s sharp downturn, but are not finding much support yet to drive them higher. The Harvest Progress Report was released yesterday, and it shows that the US is drastically behind on harvest with soybeans only at 85% harvest vs. 92% on the five-year average, with North Dakota lagging behind 24%. Corn is 22% behind the five-year average at 64% done with only three other years slower, 2009, 1992, and 2008. See charts below compliments of the Van Trump Report for the state by state info.