Markets: Corn Slightly Higher Beans Lower

Corn traded lower for much of the session but managed to close about a penny higher. Corn has had about a 90 cent rally and it is not unusual to see some profit taking. It was encouraging after the big losses in corn yesterday to see corn close higher today even if it was only a penny. I read that buying surfaced late in the day on a warmer dryer forecast. For much of the Midwest that would be good for crop growth as it has been really wet. However, extended hot and dry weather would not be good for shallow rooted crops.

Beans closed 8 to 9 cents lower today. Corn saw heavy profit taking yesterday and I guess it was beans turn today. The Dollar Index was a little bit higher but the main factor was fund liquidation. The NOPA Crush was a good number at 142.473 million bushel in June. That was an all time record for June and 20 percent over June of last year.