Corn began the day slightly firmer, but by the end of trading was up 7 cents to almost 8 cents. There was likely some short covering after the USDA's Crop Condition report showed the corn rated good to excellent declined by 2 percent. That was a much larger drop than traders expected. With more rain in the forecast, maybe traders are beginning to question more rain makes more grain. From a technical view, December corn closed above the 50-day moving average. I read on Pro Farmer that the funds bought 16,000 contracts or 80 million bushels.

Beans traded higher in the overnight session but traded lower in the day session. By the close, beans fought back to about unchanged. The beans rated good to excellent dropped by 2 percent and there are still about 8.5 million acres of beans that need to be planted. In addition there are some acres that need to be replanted. On the bright side, beans did close well off the lows. You have to wonder about the second crop beans that are normally planted after winter wheat. Because of all the rain, the wheat harvest is well behind normal. With low bean prices the market is telling farmers don't bother planting beans.

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