Market Report: Corn Higher, Beans Mixed

Corn began the Tuesday day session lower but managed to close 5-6 cents higher. New crop December saw a new high of $4.47, which technically is a bullish key reversal. The short term forecast now is mostly hot and dry for much of the corn belt and that seemed to get traders attention. They are also concerned about a La Nina forming later this summer. That weather pattern has a tendency to product hot dry weather in the Midwest. At this point the crop condition ratings (if you believe them) show the corn crop is in great shape at 65 percent good to excellent.

Beans began the day under pressure too. By the close the nearby July clawed it's way back to just above unchanged but the deferred contracts were 3-10 cents lower. new crop November has lost about 50 cents a bushel from the recent highs. That has happened three times since the rally began and each time after the 50 cent break buyers showed up. That seemed to be true again Tuesday as November closed well off the lows. The crop condition ratings for beans are very high too at 74 percent good to excellent. I believe that is a record high condition rating.