Markets: Corn Slightly Lower Beans Get Hit

Corn closed only 1 to 3 cents lower today which was well off the lows. The outside markets had a negative influence with the dollar higher and continued concerns about the economy in China and the Greece debt crisis. One way or the other the Greece economy is so small it will have little impact on the United States or world markets. The China stock market has been in melt down and if their economy goes into a severe recession you might think they would import less beans. Remember they are a huge market for our beans. However when you think about it, a communist leader does not want their people to be hungry! It was also a bit negative that the crop conditions ratings increased 1 percent in the good to excellent category when traders thought it might drop 1 or 2 percent.

Beans got hit hard today closing 28 to 31 cents lower. Traders expected the beans rated good to excellent to drop 1 or 2 percent when they were unchanged at 63 percent good to excellent. In addition the USDA reported that nationally 2 more percent of the bean crop got planted up to 96 percent planted. The final factor that hit beans as in corn was the economy in China and the Greece debt crisis.