Market Report: Corn and Beans Higher

Corn recovered a little today, closing up 4-6 cents. We saw a daily trading range of around 10 cents. December corn traders at its lowest level since June 23 before recovering. Export sales came in at 364,900 MT of old crop and 443,300 MT of new crop. Total exports are now at 100 percent of the USDA forecast for the entire year. Remember, the new marketing year begins on Oct. 1. It might be difficult to get all of it shipped before the new marketing year so some might get rolled into the new marketing year.

Beans closed 5-8 cents higher. Beans had good export sales with 416,700 MT of old crop and new crop of 899,100 MT of new crop, By the way, China bought 405.400 MT. So much for the bears always touting no demand because the higher dollar has priced us out of the world market. On top of that, the USDA announced a daily sale of 440,000 MT of beans sold to an unknown destination, Many assume that it was China.