Markets Lower Again

Corn picked up right where it left off Friday, closing lower for at least the third day in a row. I guess it could have been worse, as corn was down only 3-4 cents. Export Loadings were about on pace to meet the USDA forecast for the year at 438,560 MT, but it was down 37 percent from the same week last year. We continue to pace about 37 percent behind last year. A little good news, the USDA reported a sale of 100,000 MT of corn was sold to Mexico for 2015-16 delivery. For the USDA Supply demand Report tomorrow traders expect the U.S. carryover to come in at 1.815 billion bushels compared to the January estimate of 1.802 billion bushels. World carryover is projected to be about unchanged, too. The average guess is 208.32 MMT, compared to 208.94 MMT in the January report.

Beans closed about 5 cents lower today. The rain that was forecast for the weekend in Argentina did show up, with amounts ranging from a half-inch to about 2 inches. There were macroeconomic concerns, too, with the Dow taking a beating again today. To add more insult to injury, crude oil was lower, too. In terms of the USDA report tomorrow, traders are expecting very little to the world carryover or the U.S. carryover. Both corn and beans have been holding in a trading range, but as negative as all the news is right now I have a bad feeling about the report tomorrow. I hope I am wrong, but if it is termed negative it might give the bears the upper hand to take the markets another leg lower.