Market Report: Corn and Beans Lower Again Wednesday

Corn closed Wednesday 7-9 cents lower. It was another day but the same story. With rain on the radar, high crop condition ratings and the funds selling, it was a tough day for corn. End user buyers are likely only covering short-term needs. There is no reason to book ahead when corn may be cheaper next week. However it is only July 7 and the critical pollination period is just ahead. The bears seem to think the crop is already in the bin but we still have a lot of growing season ahead.

Beans were down about 38 cents Wednesday morning but came roaring back to close only 2-11 cents lower. Maybe traders are concerned about heat in the longer range forecast. Remember the critical time for beans is August. Across the Midwest the basis improved, indicating demand is strong. Demand for beans and the products has been providing underlying support for quite a while.