Market Report: Corn and Beans Higher Thursday

Corn had another good day Thursday posting gains of 5-6 cents a bushel. I read on Pro farmer that the funds bought 8,000 contracts or 40 million bushels of corn. It may be some short-covering going into the USDA Supply Demand report Monday. Traders expect the USDA to lower the national average yield by about 2 bushels an acre. However, traders are also talking about the wet conditions in much of the Midwest, raising stalk quality concerns and a delayed start to harvest.

Beans were lower for much of the day Thursday but managed to firm up going into the close, posting fractional gains. Traders expect the USDA to raise the national average bean yield by a fraction in Monday's USDA report. There was not a daily export sales announcement Thursday but in today's weekly export sales report traders expect a big number again. End users overseas are sure locking in new crop supplies. Even though most of the attention of traders is on yield and production in Monday's report, it is going to be interesting to see the USDA estimates on exports and carryover. You would sure think exports would be increased and carryover decreased!