Markets Very Active Thursday

Corn had a nice day Thursday, at least for a while. Corn sold off near the close to post losses of 9-10 cents. The daily trading range was 16-18 cents. The charts don't look very good right now with a bearish key reversal. Hopefully, there will not be any follow-through today. We were lower in the overnight session. Export sales for corn was a very good number at 1.203 MMT. In addition the USDA announced a daily sale of 240,000 MT of corn was sold to Japan.

Bull spreading was the major factor in beans Thursday, with old crop beans 8-9 cents higher while new crop was November was about a penny lower. I suspect there might have been a lot of farmers selling new crop beans to reward this rally, which would put pressure on November beans. Export sales for beans were above expectations too at 407,700 MT of old and new crop. Bean meal was the leader again Thursday and closed higher in the last four days. That is a good sign as typically it is bean meal and not bean oil that can lead beans higher.