Market Report: Corn Firmer, Beans Weaker

Corn did not have a big range Friday and closed quietly with a gain of about a penny. However, after trading lower all day corn rallied late in the session to close higher and finished with a hook reversal higher. This may indicate that selling ran out steam and  corn did hold key support. Another week of harvest and hopefully the bulk of "harvest pressure" will be over. Weekly export sales for corn came in with an OK number of 23.7 million bushels.

It was the third day in a row beans weaken going into the close, posting losses of 6-7 cents. It seems like a long time ago, but remember Tuesday when beans were up 25-29 cents? We sure fizzled the rest of the week. Export sales were again huge at 54.3 million bushels! Export sales for this marketing year are at 860 million bushels. However last year at this time we were at 1.123 billion bushels. Also Friday morning the USDA reported a daily export sale of 270,000 MT of sales to an unknown destination. There is still hope that the "harvest lows" are in for beans.