Market Report: Corn and Beans Firmer Wednesday

Corn traded firmer most of the day Wednesday and closed about a penny higher. That's not much of a rally, but at least we didn't go lower. I read there was some short covering but export demand also was supportive. The USDA announced a daily sale of 290,000 MT of corn to an unknown buyer for new crop. I read on Pro Farmer that Brazil's ag ministry is working to adjust rules so they can import GMO corn. Another way of saying that is they need to import corn so maybe GMO corn is now OK! This is another sign of good demand for our corn.

Beans managed to firm up too Wednesday with gains of 4-5 cents, The forecast is still calling for above-normal temperatures for the next couple weeks but there are chances of rain. So traders see that as nonthreatening. The USDA announced a daily sale of beans too. China bought 441,000 MT for 2016-17, 66,000 MT of old crop, and another 190,200 MT was sold to an unknown destination for 2016-17 delivery. You have to think that this great export demand has to be supporting bean prices.