Market Report: Corn Lower, Beans Slightly Higher

Corn was firmer in overnight trading but saw weakness right from the open this morning and closed 3-4 cents lower. The Dollar Index was down a lot Monday and did not seem to help support corn. Today the Dollar Index gained back about half of Monday's losses and that seemed to pressure corn. The Crop Progress report Monday afternoon showed the corn rated good to excellent was unchanged at 69 percent.

Beans traded up double digits in the overnight session but closed today up only 1-5 cents. China lowered its interest rater by a quarter percent and increased reserve requirements. I understand these actions should allow easier financing for China to purchased from the United States. The USDA announced a soybean export sale of 7.7 million bushels of beans was sold to unknown destinations. The Crop Progress report showed that 63 percent of the beans are rated in the good to excellent.