Grain Markets: Corn Down, Beans Up

This was the third day in a row corn closed lower. The Export Sales Report this morning was friendly with sales at 1.003 MMT and another 117,00 MT for the 2015-16 season.

Foreign buyers must see corn as a value right now even though traders here continue to talk about how bearish the supply situation is. I read on Pro Farmer that the funds sold an estimated 5,000 contracts representing 25 million bushels, but no technical chart damage was done.

Soybeans, on the other hand, had an OK day, finishing 4-6 cents higher. Export sales for soybeans topped expectations by a lot coming in at 745,400 MT and another 800 MT for the 2015-16 season. One more point is that China was the lead buyer of soybeans! Guess they have not switched to importing soybeans from South America yet this year!