Market Report: Can We Hold?

Given all the negative news with the China stock market and the stock market in the United States, corn held really well Thursday and so far today. Maybe the lows are in when bearish news does not move the market to move lower? I am not sure we can say the lows are in yet, but I sure hope so. Some of the market bears are talking about $3.20 in the March contract. Wow, that would be another 30 cents lower. I sure hope they are wrong! Remember the USDA report is out next week and there will be a lot of numbers with the quarterly grain stocks report too. This is one report that has a history of producing big moves in the markets, both higher and lower.

Beans held well Thursday and so far today too. In the USDA report traders are expecting carryover for beans to come in at 468 million bushels, which is only slightly higher from last month. Traders expect no change to the bean crop at 3.981 million bushels. We certainly could use a break. Is it too much to hope for a good close today and a friendly or even bullish report next week from the USDA? Maybe it is, but I have a better chance of that than of winning the lottery on Saturday, don't you think?