Market Report: Corn and Beans Lower

It was a disappointing day in the corn market. After Tuesday's gains and a hook up reversal, corn was about 5 cents lower. Corn gave back all of Tuesday's gains and more. Worse, corn had a hook reversal lower on the charts. It sure would have been nice to see some follow-through with a higher close today. With harvest progress at about 40 percent, maybe it was just a little too soon for the post-harvest rally. Many times you need to see harvest at about 70 percent to start a rally.

Beans traded firmer most of the day, but eventually closed 3-4 cents lower. On the bright side, beans held most of Tuesday's gains but did put in a hook reversal lower. I used to put more confidence in the technical signals and the charts than I do now. With the "funds" having so much money and computer trading many times it is a "money flow." Beans are being supported by farmers not wanting to see low prices and with good demand from China commercials need beans.