Markets Firmer Wednesday

Corn managed to close fractionally higher Wednesday. It was the first higher close in seven days. On the positive side, corn did hold key support at the lower ends of the trading range we have been in for months. The Dollar Index was a bit lower and that likely helped corn hold. I did read on Pro Farmer that the funds bought about 1,000 contracts. Apparently we need more friendly news to get the funds to really start covering their short positions.

Beans closed 3-5 cents higher Wednesday after closing lower for six days in a row. A top official in China said China would 83 MMT of beans for the 2015-16 marketing year. That is up 4.65 MMT from the previous year. Of course traders are sure that all those beans will come from South America. There were also reports that weather in South America will be mostly favorable for a rapid harvest.