Market Report: Corn Mixed Wednesday, Beans Lower

It was quiet again in the corn market Wednesday. December corn had a range of only 3 cents and closed down a half. There are a lot of yield reports circulating on the websites from farmers that yields are down 10-20 percent. Just a 5 percent reduction from the USDA estimate of 174 would put the yield this year at 165 bushels an acre. That is a long way from what traders are thinking right now. I suspect that traders will not pay much attention to farmer yield reports. Only when or if the USDA takes the yield down will traders believe it.

Beans had a tough day Wednesday, with losses of 11-14 cents a bushel. A good part of the Midwest is going to be wet the next 10 days, but traders do not seem to be concerned. The USDA announced three daily bean sales Wednesday for the 2016-17 season, 120,000 MT to China, 126,000 MT to Taiwan and 126,000 MT to unknown. The dollar index was lower late in the day when the Federal Reserve announced that they were not going to raise interest rates.