Market Report: Corn and Beans Lower Wednesday

Corn was firmer in the overnight session and the start of the day session. About midmorning, selling pressure came in and pushed corn down to contract lows. Pro Farmer reported the funds sold 8,000 contracts or 40 million bushels. The USDA is projecting a national yield of 168 bushels an acre. Some traders are now talking about 172 bushels an acre and increasing! The dollar index was breaking out to the upside and that gave the bears more ammunition

It was similar story in beans as they came under pressure too about midmorning. Beans closed down 17-19 cents a bushel. Beans closed at the lower end of the daily reading range but at least a bit off the lows. Beans had a daily trading range of 34 cents low to high. Pro Farmer reported the funds sold 12,000 contracts or 60 million bushels. The bears sure have control right now and it does not look like they will lose it anytime soon.