Market Report: Corn and Beans Lower Again

Corn had a fairly tight range today but still closed around a penny lower. That was 4-5 cents off the lows of the day, so that was a positive. The USDA reported Export Sales of 495,600 MT of old crop and 115.500 new crop. Those numbers were within trade expectations. There was a lot of heavy rain on the radar today. The national Weather Service had half of Iowa, Illinois and Wisconsin in a flash flood watch. Most traders think "rain makes grain and more rain makes more grain," as the old saying goes. However, they may be starting to pay attention to excessive rain.

Beans took another hit today, closing down 9-13 cents. Export sales were supportive at 553,300 MT. The Dollar Index was higher, and that always has the grains on the defensive. The heavy rains had traders talking about an end to the planting season with not all the acres planted yet. Their attitude is it doesn't matter because there are plenty of beans in the world.