This morning the USDA released the July Supply Demand Report or WASE Report. The corn carryover for new crop corn was just short of a billion bushels less than the USDA June Supply Demand Report. Plus all the corn numbers including the world carryover were termed neutral to friendly. Yet, as I write this new crop December corn is trading down 10 cents a bushel!

I can't write what I really think about that here! Plus, it was announced this morning China bought 1.36 million metric ton of old and new crop corn! For months the "bears" have been talking about we need to see large corn buys from China. That was China's second largest corn buy from the U.S. ever. Plus a friendly USDA report and we are down 10 cents a bushel?

This reminds me of another old phrase in the grain markets. You know you are in a bear market when bullish news does not move the market higher!

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