Wednesday Market Report: Corn and Beans Marking Time

It was a quiet day in the corn market Wednesday as corn closed about unchanged. Corn traded about 3 cents lower and higher during the day. Neither the bulls nor the bears were able to get any follow-through. The trading range continues to tighten and sooner or later we will break out up or down. From my point of view hopefully up. Basis levels are well about futures in the East and well below or wide here in the West. That is easy to understand as the crop in the East was poor and great here in the West.

Beans had a better close, posting gains of 3-5 cents. I read bean prices in China were rallying, which supported beans here. On the other side the Dollar Index was higher and that seemed to keep a lid on a price rally. We continued to trade around $8.85 in the November, and that is where we have been for the past three months. The market will be watching the weather in South America, where it has been less than ideal. However they have a long planting window and we are probably about a month away from the market being concerned about South American production