Market Report: Another Down Day Thursday

It was the fourth day in a row corn was lower, posting losses of 4-6 cents. Some rain on the radar and forecasts of more moderate temperatures put the pressure on corn. It looked as if there was more fund liquidation going on because the funds were moving out of their long positions. In the weekly export sales report, we saw corn with another great number at 1.421 MMT. In addition, the USDA reported a daily sale of 138,000 MT of corn to South Korea.

It was the same story in beans Thursday as traders ignored great export demand and instead focused on the weather. Beans closed down 13-15 cents. Like corn, beans saw great export sales of 24.3 million bushels of old crop and 24.3 million bushels of new crop. The year to date bean export sales are now only 1 percent behind last year and we have already exceeded the USDA export sales projection for the year. Remember, the new marketing year begins September 1, 2016.