Corn was a bit of a disappointment today, but again it could have been worse. Corn closed around 2 cents lower. Export Loadings were 718,888 MT, which was up 27 percent from the previous week. Year to date we are still down about 22 percent. Gordy mentioned this morning on the air that with the funds near record short they seemed to be selling corn to keep a lid on prices until the end of the year. They would get very large incentive fees if they can keep corn under pressure until the end of the year.

Again it was pretty much the same story in beans, although beans closed off the lows down about a penny. The weather over the weekend in northern Brazil was very warm and only a few light scattered showers with more of the same this week. With traders expecting another record crop it is hard to understand how they are not more concerned about the weather? The Mato Grosso Institute for Agricultural Economy said 40 percent of the beans in Mato Grosso were in "bad to very bad condition" If I am not mistaken, Mato Grosso is the largest bean producing state in Brazil. Export Loadings were at 1.463 MMT, down 7 percent from last week.

More From KDHL Radio