Markets Another Disappointment

While corn was able to post gains Monday, it lost some of it today, closing down 1-2 cents. Corn has been in a sideways pattern for quite some time as we wait for some news to break out. Remember the Federal Reserve meeting started today and wraps up tomorrow. Bloomberg did a survey and 75 percent of traders think the Fed is going to raise interest rates. You would think that would be "in the market" if they do go up by a quarter percent. The big surprise would be if they do not raise interest rates. The announcement will be at 1PM Wednesday.

Beans did not have a good day, losing 7-8 cents. This morning the USDA announced a sale of 120,000 MT of beans were sold to China for 2015/16 delivery. The NOPA Crush was termed disappointing at 161.7 million bushels as the average guess up to 165 million bushels. It was right in line with November 2014, which was 161.2. It seems like traders like to be bearish so they guess a big number so they can call it disappointing. Some traders are starting to notice the weather in South America but they do not seem to be too concerned yet.