Market Report: Corn Firmer Friday, Beans Lower

It was again fairly quiet in the corn market Friday as corn closed up a fraction to a penny. Yield reports continued to circulate at or below expectations, sometimes 10-20 percent below. The yields are very good, just not an all time record by a substantial amount. We have seen very good export demand and that may be keeping corn from dropping as we get into harvest. The next market mover is Friday when the USDA releases the Quarterly Grain Stocks report. This one has a history of being a market mover!

It was a tough day for beans Friday as they closed 17-21 cents lower. We continue to see great demand for beans but with harvest ramping up, end users know there will be plenty of beans available soon. Traders do not seem to be concerned about the heavy rain and harvest delays in Minnesota, Iowa and Wisconsin, especially with the forecast for sunshine this week. I did read that the basis widened Friday, indicating new crop supplies are hitting the market.