Market Report: Corn Mixed, Beans Lower

Corn closed about unchanged Wednesday with the September contract down 2-1/2 and December a 1/4. It was first notice day Wednesday for the September contract. There was more positive demand news as the USDA announced a new crop corn sale of 10.8 million bushels to Mexico. In traders' minds though, there cannot be enough demand to chew through the big corn crop coming on. Both Gordy and Kevin mentioned Wednesday on the air that this is the time of year when the funds begin buying corn and selling beans. For quite some time they have been long beans and short corn.

Beans did not collapse Wednesday but did close lower again with losses of 5-8 cents a bushel. Beans saw an export sales announcement too with a sale of 187,000 MT sold to China. In addition China signed an agreement to buy about 146 million bushels of beans in the annual buy America tour to the United States. Traders were reminded of the big crop of beans growing when Allendale released a bean yield estimate of 48.5 bushels an acre and a total crop estimate of 4.026 billion bushels.