Corn closed about 2 cents higher today. It was probably a contrary Tuesday effect, with traders doing some short-covering thinking the losses were overdone. The USDA reported that 70 percent of the corn crop is in good to excellent condition. It was 70 percent good to excellent last week, but 1 percent was moved from the good to excellent category. So the bears are saying that the corn crop did improve, but ever so slightly. There are pockets of the corn belt that are getting a little dry and could use a rain. With the good crop ratings the traders are not concerned just yet.

Beans managed to closed 3-6 cents higher today. Beans did not see any additional selling after dropping below last week's low. That was encouraging that there were no sell stops and that might have encouraged some short-covering. The crop progress report showed that 63 percent of the beans are in good to excellent condition. That is up 1 percent in the good to excellent category. Traders are not concerned but 11 percent of the beans are in poor to very poor condition. If you look at the USDA's definition of poor to very poor, it is basically a crop failure. Traders are not concerned about 11 percent of the bean crop failing?

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