Market Report: Corn and Bean Trading Quiet Tuesday

Corn trading saw a narrow range Tuesday before corn closed a penny higher to down a fraction. There were some negative economic reports that pushed the dollar sharply lower, which should have supported corn. About all that did was maybe keep corn from going lower. The USDA left the corn crop condition ratings very high at 74 percent good to excellent along with moderate temperatures and many chances of rain in the forecast maybe we were lucky corn was not sharply lower.

It was quiet in the beans too Tuesday as beans closed about 2-4 cents lower. In the morning, the USDA announced a daily sale of 119,000 MT of new crop beans to China. That, along with the sharply lower dollar, should have supported beans. As with corn maybe it just kept the beans from a sharp selloff. Traders seem to be fixated on the bean crop condition ratings too. The bean ratings were left unchanged at 72 percent good to excellent.