Market Report: Bears Take Control Thursday

It was the third day down in corn Thursday as corn closed 2-3 cents lower. It sure feels like the bears are gaining the upper hand again. The corn crop is getting planted at a very rapid pace and the dollar index was firmer for the third day in a row. The bears were focused on the export sales report, too. Corn export sales came in at 30.3 million bushels. The bears were talking about decreased export demand because last week export sales were at 85 million bushels. While 30.3 million is a lot less than 85 million, the bears lost sight of the fact that we need to only average 10.6 million bushels each week to meet the USDA export projection for the year!

Beans were hit hard Thursday, seeing losses of 13-14 cents. November beans saw the lowest close since April 25. The bears are really taking control in beans, too. Export sales for beans were very strong at 30 million bushels of old crop and 15.8 million bushels of new crop. There were rumors floating around about Chinese cancellations, which gave the bears more confidence. We will likely have to wait until the next export sales report for confirmation. Many times the rumors of cancellations are false, but sometimes they are confirmed.