Market Report: Corn and Beans Give Back Monday’s Gains

I guess what the market gives it can take away, After nice gains on Monday, corn closed about 4-5 cents lower today. It would have been nice to see some follow through after Monday's key reversal higher. It does seem to feel like corn prices are marking time, consolidating waiting for more harvest results. It does sound like the weather forecast for most of the Midwest will be good for dry down and harvest. On the other side a rapid finish and dry down could lead to a little lighter test weight.

It was the same story in beans, taking all of Monday's gains plus more closing down 10-12 cents. In the crop progress report the good to excellent improved slightly, and that pushed beans into a new contract low. On top of that, traders continue to talk about the huge crop that will be produced in South America this year. Never mind that they are just getting started planting the crop and the weather has been very dry. I suspect the bears will continue to have the upper hand if or until we see harvest results less than expected.