Market Report: Corn and Beans Start Week Sharply Lower

It was a tough way to start the week with corn closing about 8-9 cents lower. At least new crop December did not set a contract low, although it came within about a penny. High crop ratings with rain on the radar kept the bears in control. Export loadings were very good for another week at 45 million bushels. Last year for this week they were at 36 million bushels. Traders view the weather as nonthreatening and getting more perfect every day. The USDA projected a national average yield of 168 in the July report. How high will the USDA go in the August report? Likely not as high as traders expectations of the crop right now.

It was the same story in beans, or maybe a little worse, as beans lost 34-41 cents a bushel. The USDA for the fourth day in a row announced a daily sale of beans to an unknown destination. Monday it was 380,000 MT of new crop beans. Export loadings were solid too at 24.7 million bushels. If we can keep that pace up for the next three weeks until the end of the marketing year, we should be very close to hitting the USDA projection for the year. However, in traders minds supplies are so huge that no amount of demand can make any difference.