Market Report: Corn and Beans Lower Again Monday

Corn did not collapse on Monday, but it was lower again with losses of 3-4 cents a bushel. Wheat did collapse and some of that selling spilled over into corn. It does feel like corn is trying to stabilize as traders are trying to figure out just how big this crop is. The Pro Farmer Crop tour estimate of 170.2 bushels an acre is about 5 bushels below the USDA August estimate. If the USDA September estimate is below 176 bushels an acre maybe we can assume we put in an early harvest low.

Beans did not trade far from unchanged Monday closing with small losses of a couple cents except for the September contract, which lost 7 cents a bushel. Traders look at the Pro Farmer estimate of 49.3 bushels an acre as confirmation of a record crop because it was slightly larger than the last USDA estimate of 48.9. In addition with widespread rain in August and high crop condition ratings traders are thinking the yield is increasing. For the time being that will likely cap any rally potential.