Market Moment for 4/23/09

By Marlin Clark    

Remember today. Today the bean rally faltered, but the corn gained. Today represents a change of mood.

Since the USDA Planting Intentions Report nearly a month ago we have had a strong bean rally and a corn market that went along for the ride. Last week the corn could not even ride the bean coattails and fell off 47 cents from the futures high. Now, in four days this week we have got 21-1/4 cents back from the Monday 3.60-1/2 May futures low.

So, today, Thursday, we gained 7/1/2 cents on the May corn and lost over eight cents on the May soybeans. Why? Planting delays, or fears of planting delays. Fears that the corn acres get smaller and the soybean acres grow.

Take this one to the bank fast. While sources are telling us the corn is going in fast out west, the market is still reacting to the Monday afternoon USDA Planting Progress Report that says we are behind in corn planting. Maybe we are, maybe we are not.