Corn had a fairly quiet day Wednesday, closing about 1-2 cents lower. Corn saw a very tight daily trading range of about 3 cents. It felt like corn was marking time waiting for some news to provide direction. Traders know farmers are sitting on a lot of corn in the bin that is unpriced and at some point it has to be moved. However, at these low prices farmers are reluctant to sell. It is only February, so there is still a lot of time for something to happen to move corn higher. If we do see corn begin to rally I am sure it will be met with at least some farmer selling. The Dollar Index was sharply lower Wednesday but that did not seem to support corn at all.

Beans got hit pretty hard Wednesday, closing 7-9 cents lower. We saw a very encouraging close Tuesday and a bit of a breakout over the 100-day moving average. It was really disappointing to close back below the 100-day moving average Wednesday. Traders seem to feel that while the weather in South America has not been ideal they don't think it will have much impact on total production. They still think South America will have a large crop that will push bean prices down to the $8.50 level or lower.

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