Market Report: Corn and Beans Lower Thursday

Corn was lower from the open Thursday morning and for the second day in a row closed lower with losses of 3-4 cents. On the positive side corn closed well off the lows. Rains were heavier than the forecast and that was what traders focused on. However, it is really heating up in the western corn belt and more rain will be needed soon or we may be off to the races again. Export sales were solid at 35.8 million bushels. We only need to average 5.5 million bushels each week to reach the USDA projection for the year. Remember, this marketing year ends on August 31.

Beans had a tough day Thursday posting losses of about 19-21 cents. Export sales for beans were a whopper at 30 million bushels of old crop and 28.2 million bushels of new. It seems like there is no doubt that end users are coming to the United States for beans because they are not available from South America. The bears are focusing on the record crop condition ratings and the National Weather service 6-10 day forecast calling for above normal rain for dry areas in Indiana and Ohio. The bulls argue this is just a correction before the next leg higher. Of course the actual weather will determine which way we go.