Markets Firmer Again Thursday

It was another pretty good day Thursday for corn as we saw gains of about 2 cents. December corn closed above the 10-day moving average for the first time since November 5. We are not seeing a big rally, but corn continues to grind higher. I keep reading that farmer selling is very light at these low prices, and apparently even the speculators do not want to push corn lower. In the weekly USDA weekly export sales report, we saw sales of 779,800 MT, which was a pretty good number.

Beans firmed up a bit, too, posting gains of about 2 cents. Export sales were at 66 million bushels, which is well above the weekly pace needed to hit the USDA export sales target for the year. So far this marketing year that started September 1 we have export sales on the books of 1.135 billion bushels. The market will start to pay attention pay a lot more attention to the weather in South America. The bears continue to talk about rain in the forecast for the dry areas in central Brazil. We will see if they actually do receive beneficial rain and lower temperatures.