Market Report: Corn and Beans Down Big

Corn prices dropped 17 to almost 20 cents a bushel. That was one of the biggest one-day drops in more than a year. All I heard about was the perfect weather forecast that will allow corn to recover from all the rain in the eastern corn belt and the concern about the economy in China. Their stock market got hit hard today. I read on Pro Farmer that the funds sold about 30,000 contracts, or about 150 million bushels. That is a lot of selling. The dollar was down a lot and corn export loadings were over 1 MMT. Nothing mattered as corn collapsed last evening at the start of the overnight session and only got worse.

Beans did note fare any better than corn, posting losses of about 26-31 cents. Like corn, beans opened lower in the overnight session and only got worse by the close of the day session. When beans dropped through the 100-day moving average, the selling got even more intense. I read the funds sold about 14,000 contracts or 70 million bushels of beans. Will we get much of a contrary Tuesday performance tomorrow? I am not so sure. The bears are really in control.