Market Report: Corn Mixed, Beans Lower

Corn futures closed not far from unchanged today. Traders are still digesting the USDA Grain Stocks Report Thursday. If you read farmer comments on web sites corn yields are quite variable but it seems like more farmers are disappointed with yields in the eastern corn belt. It may be that traders suspect that corn production might not be as high as the USDA projected. Export sales were a little disappointing and below the pace needed to meet the USDA Export projection for the year at 29.5 million bushels.

Beans were hit hard today, posting losses of 13-14 cents a bushel. It does seem like beans are yielding better in the eastern corn and bean belt. Apparently they handled the wet spring better than corn did. In the Export Sales Report, beans had a huge number at 2.5104 MMT. That is the largest weekly Export Sales that I can remember.