Market Report: Corn and Soybean Traded Quiet Tuesday

It was a quiet day in the corn market Wednesday as traders appear to be squaring up positions going into the USDA report Friday morning at 11. I read on Pro Farmer that the funds were still selling corn Wednesday of about 7,000 contracts or 35 million bushels. The average trade guess is that the USDA will raise the average corn yield 2.6 bushels an acre to 170.6. Hopefully the USDA only raises the corn yield to 170.6!

There was not a lot of action in beans either as they had a narrow range and saw gains of about 3 cents. On the demand side it was the 10th day in a row there was an export sales announcement with 4.4 million bushels of new beans sold to an unknown destination. I have not seen any average trade guess for the USDA report Friday but it will likely be above the July report. The weather forecast is a little drier and it sure is going to be hot for a couple of days, which may have supported the beans.