Corn is slightly higher this morning up 1 to 2 cents while beans are under pressure down 7 to 9 cents. Locally heavy rain reported in the area any where from 2 to 3.5 inches. The Mississippi River is expected to rise to levels again that could shut down barge loading in STL for the first part of next week. Basis is firm for FH May delivery due to the Upper Miss and the IL River closures due to high water. They are expected to be down even longer.
After the slow start corn and beans both recovered. Corn ended the day up 6 while beans closed down a couple.
Corn is looking better technically as late planting ideas gather steam. July corn poked its head above the 20-day MA for the first time since March 29th and closed near the day’s high. Spreads narrowed.
Beans bear the brunt of weather delayed planting – less corn acres usually means a few more bean acres, which we don’t need. Beans finally got some spillover support from corn and wheat and were able to close in the middle of the day’s range.