Market Report: Corn Lower, Beans Sharply Lower Thursday

Corn likely saw some spillover from the heavy selling in beans Thursday and closed 3-4 cents lower. I read on Pro Farmer that the funds sold 10,000 contracts or 50 million bushels. The International Grains Council raised world corn production 13 MMT and the carryover by 5 MMT. Even though the Pro Farmer Crop Tour was not finding the corn crop that the USDA forecast on August 1 weakness in beans and increasing world corn supplies gave the bears an excuse to sell. The weekly export sales were above expectations at 1,059,900 MT.

Beans saw heavy selling Thursday closing down 22-32 cents. The Pro Farmer Crop Tour seemed to confirm a big soybean crop and that seemed to be all traders needed to know. I read the funds sold 15,000 contracts or 75 million bushels. Beans also closed below key support at $10 a bushel and below the 21-day moving average. The International Grains Council raised world bean production 4 MMT to 325 MMT and carryover increased 2 MMT to 32 MMT.