Just when I was getting encouraged about a rally, we got hit today. Corn was down 5-6 cents. I read on Pro Farmer the funds sold about 7,000 contracts, or 35,000 bushels. There was not a lot of new news in the market so traders concentrated on the dollar index that was higher. A stronger dollar makes our grain more expensive to foreign buyers.

From a technical side, March corn futures went down to the 14-day moving average and it held, so maybe there is hope.

Beans really got hit, closing down 12-13 cents. There was a Bloomberg survey released showing that if farmers plant more beans this year they will have a better return than planting corn. Looking at budgets I agree with that, but then wouldn't that mean less corn acres? Wouldn't that be friendly for corn prices?

I still think the USDA Outlook Forum is a cloud over the market. They always come up with big acres, production and carryovers. I read the USDA will release those numbers from the Forum tomorrow and Friday, so hang on.

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