Markets: Corn and Beans Lower

Corn began the day after the big 4th of July weekend under pressure but did close well off the lows of the day. Traders seemed to be concerned about the Greece debt crisis. However the Greece economy is about 2 percent of the European economy so in the big picture it doesn't really matter what happens in Greece. A bigger concern is the economy in China which made moves over the weekend to try and stabilize their stock market. Export loadings for corn came in 19 percent below the previous week.

Beans closed 10 to 16 cents lower but on the positive side that was well off the lows. Some of the pressure came from less rain over the weekend with traders thinking some of the beans still might get planted this year. Traders were also talking about more farmer selling of beans after the rally last week. I did read the funds sold about 4000 contracts which represents 20 million bushel.