It was a fairly quiet day for corn today as it closed 1-2 cents lower. Every day at 8:30AM when the day session opens it seems corn is pushed lower, I assume by the funds. Then buying shows up and corn moves off of the lows. Many traders use the term consolidation to describe the market action. While hopefully we have put in the lows that does not mean we are going to see a rally. History shows that corn has a tendency to move lower in the next 30 days in nine out of 10 years.

It was fairly quiet in the bean market too, with beans closing about a penny lower. There was not a lot of "new" news for traders to work with. The Dollar Index was slightly higher, but not enough to give the beans any reason to push lower. There are some traders that think the USDA may be too high with their August yield estimate of 46.9 bushels an acre. The crop bean crop rated good to excellent this year is holding at 63 percent. In 2010, 64 percent of the crop was rated good to excellent and the final yield was 43.5 bushels an acre. In 2009, 69 percent of the beans were rated good to excellent and the final yield was 44 bushels an acre. It sure seems like the USDA yield estimate for this year is too high!

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