Market Report: Corn Weaker Beans Firmer Thursday

Corn did not collapse Thursday but the bears did manage to push corn 3-4 cents lower. Traders are increasing the average yield estimates it seems every day and Thursday was no different. You would think at some point at least some would think they might be getting a little too lofty! In the weekly export sales report we saw another good number at 1.227 MMT or 48 million bushels. In addition, the USDA announced another daily sale of 129,000 MT of corn to an unknown destination. Informa is scheduled to release their production estimate today. So brace yourself another huge yield and production number. It seems Informa is always much higher than the USDA.

Beans closed about unchanged to slightly firmer Thursday. The weekly export sales report for beans saw huge numbers too. The weekly total was 1.67 MMT or 61 million bushels! Of that total, 543,200 MT was for old crop. Remember this is the time of the year when South America normally dominates the world bean export market. In addition the USDA reported a daily sale of 252,000 MT of new crop beans to China. Bean export sales are running 4 percent above last year.