Market Report: Corn and Beans Lower

For the second day in a row corn closed lower, posting losses of about 4 cents. Export sales were viewed as disappointing at 466,600 MT even though that is about what we need on a weekly basis to meet the USDA objective for the year. Friday will be a big day with the USDA report at 11AM. The average trade guess is production at 13.504 billion bushels and a national yield of 167.1 bushel an acre. Traders also expect the USDA to drop harvested acres to drop from 81.101 million last month to 80.826 million this month.

Beans lost ground today too, with losses of 7 cents to almost 10 cents a bushel. Export sales were again outstanding at 2.28 MMT. Of that total, 995,600 MT were for the 2016/17 season, which was a marketing year high. For the USDA report tomorrow morning, traders are expecting an increase of 0.1 bushels an acre to 47.7. Total production is expected to be 3.908 billion bushels. The USDA report will likely provide direction for both corn and bean prices in the near future.