Markets Wednesday Quiet

It was a quiet day again in the corn market as corn was about unchanged. It seems neither the bears or the bulls can gain the upper hand. We did challenge the 10-day moving average but could not break through. Planting is getting a little behind average in South America, and that could decrease their second-crop corn acres, but that does not seem to be on traders' radar yet. There is rain in the forecast for dry areas in Brazil and traders were hyping about how beneficial that will be. Never mind that they never admitted that it was dry!

Beans traded higher in the overnight session and were at their highest level since November 10 before traders started selling on the rain in the forecast for Brazil. Beans did claw their way off the lows but still closed 4-6 cents lower. Beans did break through the 10-day moving average but could not hold the gains. It seems traders are still selling rallies and buying dips.