It was fairly quiet in the corn market Tuesday as corn closed mixed. Maybe we are starting to consolidate. It seems like the funds are trying to push corn lower but they are not making any progress. The forecast is calling for a few more very hot days in the Midwest, but then it cools off again along with scattered showers. So traders view that as a ideal forecast! In the crop progress report, corn ratings remained high at 76 percent good to excellent. FCStone released a crop estimate Tuesday and it was a big one. He projected a corn yield this year of 175 bushels an acre and total production at 15.146 billion bushels.

Beans did move off of session lows late in the day but still closed down 5-10 cents a bushel. In the crop progress report ratings, the good to excellent increased 1 percent to 73 percent good to excellent. Last year at this time the bean crop was rated 63 percent good to excellent. Fifty-four percent of the bean crop is setting pods compared to 44 percent on average. Traders ignored the news that China bought another 252,000 MT of new crop beans. I have mentioned before that traders think there is no amount of demand that can affect projected carryover.

More From KDHL Radio