Market Report: Corn and Beans Firmer Wednesday

It was fairly quiet in the corn market Wednesday with corn gaining 2-3 cents a bushel. The September contract went off the board quietly up 1-3/4. December corn has had a tight 15 cent trading range since the middle of July. Wednesday we closed right in the middle of the range at $3.30. With early yield reports there are a lot of questions that the corn crop will be as big as the USDA September estimate at 174 bushels an acre. Remember, corn has a tendency to put in a low late summer or early fall.

It was quiet in the bean market too Wednesday with beans up 1-3 cents a bushel. The September bean contract went off the board up 3 and 3/4 higher. It was the third day in a row beans were lower, but they are not collapsing. Beans are being supported by great demand both domestically and for exports. On the other hand, traders are quite certain there is a record bean crop waiting to be harvested and the national average yield will be well over 50 bushels an acre.