Market Report: Corn Lower, Beans About Unchanged

It was another tough day for the corn bulls! Corn was about 6 cents lower but beans were nearly unchanged.

When you think about all the numbers from the USDA Outlook Forum last week, corn had the friendliest numbers. But corn was the weakest today. We have seen that many times. The funds attack or sell the grain with the friendliest projections. They can keep all the grains under pressure and defend their short position in all the grains by selling the strongest! Export loadings for corn had a good number at 900,968 MT, which was above trade expectations.

Bean export loadings came in at 961,749 MT. That was down from recent weeks of over 1 MMT, but remember, the world is beginning to harvest the soybean crop in South America now. I read on Pro Farmer that there is a trucker strike in Brazil that has halted traffic along what they call the Soybean Highway. If South America cannot get beans into exportable locations and get the ships loaded it might shift more business to the United States.