Market Report: Corn Sharply Lower Wednesday

It was a tough day Wednesday for corn as it closed 10-12 cents lower. I read on Pro Farmer that the funds sold 20,000 contracts Wednesday. That represents 100 million bushels of corn. The funds were likely moving out of their long positions going into one of the biggest USDA reports of the year at 11 this morning. The average trade guess for the corn acres is 92.3 million. That compares the March Planting Intentions of 93.6 million. The guess for the Quarterly stocks is 4.5 billion bushels. That compares to the 2015 figure of 4.453 billion.

Beans fared better Wednesday with losses of only 6-8 cents. Both corn and beans saw some pressure from the forecast for lower temperatures and rain for dry areas of the Midwest. Plus there was some rain on the radar. For the report this morning traders expect bean acres at 83.83 million. That compares to the March estimate of 82.24 million. The guess for the quarterly stocks is 829 million bushels compared to last year at 2015 million bushels. There will likely be some surprises to be prepared for some big moves in either direction!