Market Report: Holiday Doldrums

It was a rather quiet day Wednesday in the corn but it was more of the same as corn drifted lower with losses of under a penny. This week has been disappointing to see corn move lower after the big reversal higher late last week. Many traders do think there is hope for higher prices as we move into winter and spring. After all, the market does need to buy acres for next year's crop. The Quarterly Hog and Pig report was released Wednesday afternoon at 2 and showed all hogs and pigs were up 1 percent. The bears always talk about decreased feed demand. Here is another example of livestock inventories higher. How does that square with less feed demand?

Beans drifted lower too, posting losses of 3-5 cents. Beans were down three days in a row. It was a fairly narrow range of 8 cents a bushel. Beans struggled mostly because the forecast for Brazil has a little rain in the 10-day forecast. Bears will not acknowledge that growing conditions in Brazil are less than ideal but yet rain in the forecast will be "wildly beneficial." It seems like the bears can always have it both ways!