After the corn market tumbled lower yesterday for the first time in a while (thanks in part to a much-needed rain), we are seeing the markets bounce back higher overnight on very little fresh news. With the big USDA report out tomorrow (and the potential for fireworks with it), the markets just don’t feel like they want to stray too far off of their recent highs. If we are going to see a serious downward correction in our markets, we are probably going to need to get through that report first.
In the planting progress report yesterday the U.S. farmer made nice gains with both corn and soybean plantings ahead of last year and ahead of the five-year average. Corn was right in line with estimates while soybean planting appears to be at a record pace and may have been a couple points better than expected. Maps below.
Overall for today, it feels like the market wants to trade higher, although I would expect this thing to chop around as everything thins out a bit with the USDA report out tomorrow.
Corn is 3 to 7 cents higher
Soybeans are steady to a dime higher