Market Report: Beans Higher, Corn Lower

Corn started the day higher but was unable to hold onto the gains and closed about 1 cent lower. Pro Farmer reported that the funds sold about 20 million bushes of corn. Are they just defending their short positions after a higher open? It sure seems that way, but it sure was a disappointing close.

Beans, on the other side, closed up 17 cents. That, too, was disappointing because they were up quite a bit more late in the morning. Soybean meal and oil were up strong, so that likely supported beans.

I have been reading quite a bit about the truckers strike spreading across Brazil. That has slowed the bean harvest in some areas. I did read that the attorney general in Brazil decided to step in and end the strike by threatening to fine the trucks blocking the "soybean highway" with huge fines. It is going to be interesting to see how this is resolved.