Corn Weaker and Beans Firmer Wednesday

It was a fairly quiet day in corn Wednesday. Corn was trading firmer much of the session but saw weakness late in the day and closed 1-5 cents lower. The dollar index was a little firmer and that put pressure on all the grains. The USDA announced that Japan bought 107,500 MT of U.S. corn for the 2015-16 marketing year. The Energy Information Administration reported ethanol production dropped 4,000 barrels per day last week to 923,000 barrels per day. Ethanol stocks increased 572,000 barrels to 22.2 million barrels.

Beans gained 3-5 cents Wednesday and closed midrange. Pro Farmer reported that the funds bought around 7,000 contracts, or 35 million bushels. Argentina's weather problems continued to support beans. Harvest delays has traders thinking more export business will come to the U.S. It was quite active, with beans seeing a 23-cent trading range. Farmers are making good progress planting corn, so bean traders are thinking fewer acres will be switched from corn to beans.