It was a tough day for corn Tuesday, closing down 9-10 cents a bushel. We held well Monday after the USDA did not lower the corn yield estimate as much as expected but we really dropped Tuesday. The dollar index was up about 50 points and that did not help but all the ag commodities were under pressure in a kind of "risk off" mentality. The stock market was down hard and that seemed to reinforce the thoughts of when in doubt get out!

It was the same story in beans Tuesday as beans closed 16-20 cents a bushel lower. Traders are convinced that the USDA is correct in raising the yield estimate to 50.6 bushels an acre. They are convinced we have a big bean crop and getting bigger. Traders are looking at the head and shoulders chart formation on the November beans and that points to a low of $8.75. In a week or two combines will be rolling, so traders are also anticipating harvest pressure. The bears seem to have everything going their way right now!

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