Market Report: Corn and Beans Lower

Corn closed today 1-2 cents lower. It was a bit of a victory because corn was 5-6 cents lower in the morning. Export loadings were better this week at 809,386 MT. This was up 10 percent over last week and up 34 percent over the same week last year. In the crop progress report this afternoon the USDA reported that 18 percent of the corn was harvested compared to the average of 23 percent harvested. I continue to hear about yields in the Eastern and Southern corn belt are variable.

Beans got hit pretty hard again, posting losses of 8-12 cents The USDA reported two separate bean sales this morning. One was for 1 MMT to China for the 2016-17 season and another 249,000 MT sold to an unknown destination for 2015-16 season. Those export sales did not seem to help beans. I am certain it did not help that the stock market was down about 300 points.