Market Report: Corn Weaker, Beans Firmer Tuesday

Corn tried to rally about noon Tuesday but closed about 2 cents lower. The Crop Progress Report saw the crop rated 76 percent good to excellent, which was unchanged from last week. Above-normal temperatures are in the forecast for next week, but there are numerous chances of rain. Pro Farmer reported that the funds were about even on the day. Maybe they are not willing to be big sellers going short when we are already at contract lows.

Beans did manage to close 7-10 cents higher Tuesday. Beans were higher Tuesday until a report was released showing Brazil's bean acres will increase 2 percent and their crop will be 98 MMT this growing season. In the crop progress report 71 percent of the beans are in good to excellent condition. That is unchanged from last week. With the weather forecast looking good, traders are increasing their national average yield in both corn and beans.