Market Report: Corn About Unchanged Thursday, Beans Sharply Lower

Corn closed about unchanged Thursday. It was the first day December closed higher in 13 days, even if it was only a quarter of a cent. Corn was up about 10 cents earlier in the day. There was rain on the radar again and that seemed to be the focus of traders. Late in the day when beans collapsed it pulled corn down too. The USDA did announce a sale of 106,440 MT of corn to Mexico. Corn was trading higher when Brazil's CONAD cut their production estimate from 76.2 MMT to 69.1 MMT.

Beans were trading higher Thursday until late in the session when prices collapsed. Beans closed down 38-52 cents! Bean traders seemed to focus only on the rain that was on the radar. It did not help that the dollar index was higher and crude oil lower. Traders ignored reports that China and Pakistan would import a record amount of beans this year. It did not matter either that China bought 120,000 MT of new crop beans. The bears sure seem to have things going their way right now when there is positive news and prices still collapse.