Corn and soybean markets have been climbing higher all week.
It started on Monday when both corn and soybeans opened sharply higher — 10 cents for corn and 30 cents for soybeans ¾ and the market has closed higher so far every day this week.
Why the sudden surge? Two bullish crop reports from USDA were released early Monday morning before markets opened. The soybean report showed production at 2.418 billion bushels in 2003 — 34 million bushels less than USDA’s estimate last month. And, USDA pegged the 2003 corn crop at 10.114 billion bushels — down 164 million bushels from last month’s estimate. USDA slashed its ending corn stocks estimate by 318 million bushels.