Market Report: Corn and Beans Higher Thursday

Corn saw one of its largest gains in quite some time Thursday, closing 8-9 cents higher. There was likely some short covering going into the Labor Day weekend. Weekly export sales were solid again at 33.9 million bushels. In addition the USDA announced a daily sale of 3.9 million bushels of corn to Mexico for the 2016-17 marketing year. Remember, the new marketing year began yesterday for both corn and beans.

Beans closed mixed Thursday with September down a penny and November up 3/4. It appeared the funds were buying corn and wheat Thursday and selling beans. Weekly export sales were huge again Thursday at 58.2 million bushels. Plus the USDA announced a daily sale of 5.4 million bushels of new crop beans to an unknown destination. If the bean crop is a big as some traders think, we will need to continue to see great demand to chew through this crop.