Corn traded lower the entire day Tuesday and by the close was down 4-5 cents a bushel. The crop condition ratings increased 1 percent in the good to excellent to 75 percent good to excellent. Normally ratings tend to drop later in the year so this gave traders the reason to increase yield projections. Traders were also thinking the Pro Farmer Midwest crop tour would confirm a huge crop in Nebraska, Indiana and Illinois.

Beans had a fairly tight range Tuesday and closed with losses of only about 2 cents a bushel. The crop condition ratings were unchanged at 72 percent good to excellent. The Pro Farmer Crop Tour found more bean pods on Tuesday but that was expected as the tour moved into the heart of the Midwest. It was a little supportive that Stats Canada reported that their canola crop was down 1.2 percent at 17 MMT. That was under the average trade guess of 18.1 MMT. It seems like the bean market is consolidating, which is normal for the end of August.

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