Market Report: Corn and Beans Slightly Lower

It was a fairly quiet day in the corn market Friday, with corn closing about 1-2 cents lower. Hopefully corn is searching for and putting in a bottom. It was a little disappointing that the shorts did not bank some of their profits ahead of the long weekend. That tells me they are very confidant in their bearish positions. The past couple of days we did not have to worry about the stock market in China melting down because it was closed for their national holiday. Next Friday the USDA will release the September Supply Demand Report. This is not a survey-based report so normally it is not a market mover. However, there have been times when we have seen big revisions.

It was quiet in beans too on Friday as beans closed 2-3 cents lower. For the week, beans lost 19 cents. The Dow was down almost 300 points on Friday because the jobs report showed unemployment was down and our economy is close to full employment. That had traders thinking the Federal Reserve will raise interest rates. However the labor participation rate is extremely low so some are thinking interest rates will not be raised yet. Remember the rest of the world, including China, will be trading Monday while all of our markets will be closed.