Market Report: It Was A Little Worse

My comments yesterday describing the market action were "it could have been worse." Today it was, with corn down 4-5 cents. The Dollar Index was lower and that should have helped but it did not. There just was not a lot of new news for traders to work with so we drifted lower. I read on Pro Farmer the funds sold an estimated 7,500 contracts, or 37.5 million bushels. I think Gordy may be right that fund managers are short with profitable positions on and they want to keep the market down until the end of the year. This way they will get big incentives.

Beans struggled today, too, closing down 6-7 cents. Beans kind of drifted lower all day. I though maybe volume might be getting a little light with Christmas approaching but Gordy said at 11:15 we had pretty good volume. The weather in South America should have been supportive but that didn't seem to help either. Pro Farmer South American Crop Consultant Dr. Michael Cordonnier lowered his Brazilian estimate by 2 MMT to 97 MM. When will the USDA lower their estimate of Brazil's bean crop? Don't hold your breath!