Wednesday Market Report: Corn, Beans Both Firmer

It was nice to see corn firmer Wednesday, posting gains of 1-3 cents. That was a small portion of the losses as corn was down four days in a row before Wednesday's small recovery. I am sure there was some short covering and "bargain" hunting by end users. The basis continues to improve, indicating farmers are not real interested in selling cash corn into this break, but there is good demand locally from feed mills and ethanol plants.

It was pretty much the same story in beans Wednesday as beans saw gains of 4-5 cents. The basis is improving in beans, too, indicating farmers do not want to sell beans but there is good demand from the crushers. Export sales announcements have been light this week but that is not unusual. With the USDA Supply Demand Report and everyone expecting a negative report why not wait because you can buy beans cheaper after the report. It sure worked for them again this month. The weekly export sales report normally on Thursday will be delayed to Friday because of Veterans Day.