Market Report: Corn and Beans Slightly Lower Wednesday

It was quiet again Wednesday in the corn market as corn closed down about a penny. Traders did notice the yield estimate the Pro Farmer Crop tour found for Nebraska. Pro Farmer put a yield estimate at 158.6 bushels an acre. That is about 30 bushels an acre less than the USDA August 1 estimate of 187 bushels an acre! Last year at the end of the crop tour, Pro Farmer estimated the national average yield at 168.8 bushels an acre. The final yield from the USDA came in at 168.4 bushels an acre. In the morning the USDA announced a new crop corn sale of 101,600 MT to an unknown destination.

Beans closed 3-8 cents lower Wednesday. It was encouraging that November beans rallied back over $10 a bushel late in the day. There were some news reports that the Pro Farmer Crop tour showing lower pod counts then expected, which was likely supportive. The weather forecast looks favorable with moderate temperatures and numerous chances of rain. There are many reports of diseases showing up like Sudden Death Syndrome, White Mold and Brown Stem Rot but traders do not seem to be very concerned about any yield impact.