Market Report: Corn Mixed and Beans Slightly Lower Friday

Corn closed about unchanged Friday. Informa released their latest corn production estimate for the 2015-16 season. Their total production estimate is now at 13.585 billion bushels, with an average yield of 167.5 bushel an acre. They are also cutting the total corn acres this year. The USDA will release their October Supply Demand Report on Friday, and most traders think the USDA tighten the carryout and crop. The CFTC reported that the managed money accounts or funds added to their net long position by 788 contracts.

Beans lost 2-3 cents Friday. For the week, November beans lost 15 cents a bushel. There likely is some harvest pressure affect on beans as most of the Midwest has good weather for harvest. Informa updated their bean estimate by .2 bushel an acre to 47.2 bushel, with total production at 3.88 billion bushels. Both corn and beans are range bound and will likely stay that way until more is know about the actual size of this year's crop.