Market Report: Corn and Beans Struggle Again

Corn was on the defensive for another day, closing 5-6 cents lower. Export sales were not great at 17 million bushels. It seems that as long as corn prices are working lower buyers are only buying what they need for the short term and waiting for prices to work lower. It did not help the cause when Informa Economics and F C Stone released yield estimates that were around the USDA August report. Traders looked at that as confirmation that we will have a huge corn crop this year. It is like excessive rain in the eastern corn belt never happened.

It was pretty much the same story in the bean market; it closed about 4 cents lower. Just in the past three weeks beans have lost about a dollar a bushel. Beans did get some support from the Export Sales Report. Even though the bears say there is no demand, the USDA reported export sales of 56.3 million bushels. Informa Economics and F C Stone came out today with a bean yield in the range of the August USDA report so that gave the bears the upper hand.