It was a fairly quiet day in the corn market Wednesday as corn closed down a fraction. There was rain on the radar again but the longer range forecast is calling for warmer and drier. That likely at least kept corn from going lower. It seems the only other thing traders can focus on is the very high crop condition ratings. The USDA announced a corn sale to an unknown destination of 74,064 MT of old crop corn and 173,848 MT of new crop. Ethanol production declined from last week's record by 31,000 barrels per day at 998,000 barrels per day.

Beans did get some support from the warmer, drier forecast, posting gains of 11-17 cents. The crop condition ratings are very high for beans too, but August is the month that makes the bean crop so we may be putting a little weather premium back into prices. China was back buying more beans as the USDA announced a sale to China of 65,000 MT of old crop and 66,000 MT of new. Unfortunately good export demand is not enough to get prices to rally but at least it is supportive!

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