Market Report: Corn Slightly Lower, Beans Higher

Corn was trading higher this morning but closed 1-3 cents lower today. Export sales for corn were reported by the USDA at 874,100 MT. Japan was a major buyer of 336,000 MT of old crop corn. China booked 188,55 MT of sorghum. China is booking a lot of dried distillers grains and sorghum and not so much corn. I suspect that is because there are import taxes on corn and maybe not on sorghum and dried distillers grains.

Soybeans closed 7-9 cents higher today. There was word that at midnight tonight the Brazilian truckers will go on strike again. Truckers are unhappy over their wages and fuel taxes. The government has instructed the State Police to break up any blockades. The USDA reported export sales for soybeans at 110,200 MT. That was far below trade expectation, however we have almost hit the USDA export forecast for the entire season.