Again Thursday corn saw a narrow range and light trading activity, closing 2-3 cents lower. It was encouraging that corn was able to close about 2 cents off the daily lows and there is a inverted head and shoulders formation that indicates December corn could rally to about $3.70. Plus, December corn closed above the 50-day moving average. Weekly export sales were solid too at 36.5 million bushels. We need to average about 30 million bushels a week to meet the USDA export projection for the year.

It was fairly quiet in the beans Thursday as beans were firmer all day, closing about a penny higher. The energies were higher and dollar index lower, which provided support. In addition beans were supported by export sales. The weekly report came in at 32.2 million bushels. We need to average 22.6 million bushels on a weekly basis to hit the USDA export projection for the year. In addition there were daily export sales announcements with a sale to China of 120,000 MT, 151,000 MT was sold to an unknown destination and China bought 20,00 MT of optional origin. All of those sales were for the 2016-17 marketing year.

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