Market Report: Corn Firmer, Beans Lower Again

Corn saw a moral victory, closing 2-3 cents higher, while beans and wheat were lower. That came even with the dollar index being higher. The Pro Farmer Midwest Crop tour continues to find problems in the Eastern Corn Belt with great yields in the West. Pro Farmer seems at this point to agree with farmers that the West is not good enough to make up for the East. I suspect it will be harvest before we know for sure. In the crop progress report, the corn rated good to excellent dropped 1 percent in the good to excellent to 69 percent good to excellent compared to last year at 72 percent.

Beans were lower again, posting losses of about 12-14 cents a bushel. Rain on the radar was just to much for beans to overcome. Traders are convinced that the rain will make the bean crop. To a certain point they are right because we all know the bean crop is made in August. However the same question is, can the West make up for the East. With 10 million acres of beans planted very late and the drowned out areas larger than normal just how big will the bean crop be? The Pro Farmer Crop Tour is finding pod counts in the West about the same as last year and much lower in the East.