Market Report: Corn and Beans Lower Friday

Maybe it was a good thing I was busy with the Rice County Fair on Friday so I did not have think about the markets. Corn had another big down day, closing off about 8-11 cents. There was an economic report out of China that the Purchasing Manufacturing Index of 48.2 was disappointing and that seemed to pressure all the grains and livestock prices. The USDA reported that Mexico bought 231,000 MT of corn for 2015-16 delivery. That should have been supportive but didn't seem to have much impact.

Beans had a tough day, too, closing down 14-19 cents. Traders seem to think that as long as the forecast is for warm and dry weather the beans and corn for that matter will recover from any damage done earlier in the season. What is the old phrase, no harm no foul. A couple weeks ago the funds were near record short. Then in about a week went to almost record long. Then last week they started to sell again. I guess this is what is called a weather market. I suspect it will be harvest before we know how many acres were not planted this year and just what the yield will be.