Market Report: Corn and Soybeans Lower

It was a disappointing close for corn, which closed on session lows with losses of 2-3 cents. After the gains yesterday and follow-through in the overnight session, we saw profit taking today that pushed corn lower. It did not help that export sales were light, with reductions of 2,700 MT for the 2014-15 season and only 227,000 for the 2015-16 season. The losses were not too severe because the weather forecast for next week is calling for warmer and drier conditions. Much of the crop in the eastern corn belt is shallow rooted because of all the rain earlier in the season.

Beans got hit in the afternoon with losses of 6-10 cents. Export sales for beans were disappointing for old crop with a reduction of 447,300 MT of old crop. We know that was coming because the USDA reported an error last week as they reported a 16 million sale for old crop that was really new crop. Apparently traders forgot about that. Then that 16 million bushels of old crop was rolled into new crop. Export sales for new crop was a great number of 1.024,200 MT. Traders chose to ignore that number.