It was more of the same as corn closed about 7 cents lower today. Corn did start the overnight session firmer but that disappeared fairly quickly. It seems all traders can talk or write about is the great weather for pollination and how corn in the eastern corn belt can recover from all the rain. I read that the funds sold 12,000 contracts today or 60 million bushels of corn. The bears got a little more help with the weekly ethanol production report that showed production was down 8,000 barrels per day. Just to make it worse, stocks showed an increase of 89,000 barrels.

Beans held better than corn, actually managing to close 3 cents higher in old crop but down a few cents in new crop. Traders know the bean crop is made in August but the forecast is nonthreatening at this point. The bears still seem pretty confident pointing to the China economy slowing down and large bean supplies out of South America. All the grains have to be very oversold but that doesn't mean a rally is at hand.

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