Market Report: Corn Weaker, Beans Firmer

It was a quiet day today as corn lost about 2 cents a bushel. It was a rather slow news day with the Columbus Day holiday. The export loadings report will be released tomorrow morning and harvest progress tomorrow afternoon. Traders seemed to be focused on the great harvest weather and likely rapid pace of harvest. It is hard to argue that the weather has been great and nationwide rapid progress in harvesting corn is going on. Traders were still digesting the USDA report Friday morning.

Trading in beans was similar to corn, with beans closing about 2 cents higher. It was the second day in a row beans challenged the 50-day moving average and could not break through. Many times it is the third time before you can break through overhead resistance. If it fails the third time, it is likely going to be a while unless some type of bullish news hits the market.