Markets Quiet Wednesday

The past few months, corn had traded lower after the monthly USDA Report, but not this time. Corn closed about unchanged Wednesday. The USDA did not make any big changes from the November report, increasing corn used for ethanol by 25 million bushels but cutting exports by 50 million. So, carryover only went up by 25 million bushels. There were no big revisions to the world numbers either. The Dollar Index was sharply lower Wednesday and that should have supported all the grains. It sure feels like we are going to continue to be range bound unless we can get a weather rally in South America. Remember South America normally plans a lot of second-crop corn.

It was pretty much the same story in beans as the USDA made very few changes to the U.S. or world numbers. Beans did trade about 8 cents lower Wednesday, but managed to close unchanged. Beans will likely remain range bound too unless we can get a weather market going in South America. But, it would sure help if we can continue to see the Dollar Index break even more.