Market Report: Corn and Beans Higher Tuesday

Tuesday was the fourth day in a row corn managed to close higher, with gains of about 3 cents a bushel. Also encouraging was that December corn closed about the 50-day moving average for the first time since June 21. In the crop progress report, the USDA said corn harvest was about 10 percent. It seems strange that traders are not talking about corn yields? With an all time record yield projected by the USDA, if yields were that good you would think traders would be hyping about it all day long. If you read farmer reports on websites they are not talking about yields well above last year.

Tuesday also was the fourth day in a row beans closed higher, with solid gains of 15-17 cents a bushel. November beans closed above the 50-day moving average for the first time since July 13. Like corn, bean traders are not talking about great bean yields either! The forecast with heavy rain and delayed harvest is likely providing underlying support for beans even though traders are not talking about it. When it finally dries out and harvest progress we will get a better picture of how big the bean crop is.