USDA Report: No Big Surprises!

Corn was trading a couple of cents lower going into the USDA Report at 11AM and closed a penny lower. The numbers from the USDA did not have much impact on prices. I guess it was too much to hope for to get a rally, but at least it did not take corn another leg down. The corn carryover increased slightly here but dropped slightly for the world carryover. The U.S. export projection was cut by another 50 million bushels. Corn closed lower for the fifth session in a row, but I guess this is another day when you can say it could have been worse!

Beans, too, were trading slightly lower going into the USDA Report but managed to close about a penny higher. The USDA raised U.S. carryover by 10 million bushels to 450 million bushels and raised world carryover by 1.14 MMT. It was a little surprising that the bears did not take control and really push beans lower. Even though traders did not comment about it, the Dollar Index was sharply lower today. In fact, the Dollar Index closed at its lowest level since October 22, 2015. It sure seems like this may have been a factor in beans being able to close higher today.