Market Report: Corn and Beans Weaker Wednesday

Corn was a little lower all of Wednesday and closed with losses of less than a penny. With traders talking about harvest pressure, losses sure could of been worse. You have to think all the farmer reports of great yields but just not an all-time record had to be providing underlying support. Informa Economics lowered their national average yield estimate to 174.5 bushels an acre. Not much of a drop, but at least it is moving in the right direction.

Beans closed lower Wednesday on talk of harvest pressure and the USDA raising the national average yield. By the close, beans were 5-7 cents lower. Informa Economics raised their national average yield estimate by 2.1 bushels an acre to 51.6 bushels an acre. That would put this year's bean crop at 4.3 billion bushels. This would be 99 million bushels above the USDA September estimate. I don't think there is any question the USDA will raise the nation average bean yield in the October report, the question is how much?