Markets Lower Wednesday

Corn started the overnight session Tuesday evening firmer, but by the close of the day session Wednesday corn was 5-6 cents lower. The charts looked really positive Tuesday, but by the close Wednesday they were very negative. Corn posted a key reversal and closed below the 50-day moving average. The average trade estimate for the acres in today's report is 89.97 million, with a range of 89 million to 91 million. Traders expect the stocks to come in at 7.8 billion bushels, compared to last year at 7.75 billion.

Beans also had a difficult day Wednesday, with losses of 5-7 cents. The funds were getting long in beans so they likely took some profits ahead of the USDA report this morning. Traders expect bean acres this year to come in at 83.06 million and quarterly stocks at 1.3271 billion bushels. Remember the USDA will release the Quarterly Stocks and Perspective Plantings report today at 11AM. Gordy mentioned yesterday on the air that he thought the acres will be bearish. If there will be a bullish surprise it will come from the Quarterly Stocks numbers.