Market Report: Corn and Beans Higher Wednesday

Corn managed to close 4-5 cents higher Wednesday. Corn has moved off the lows set last week by about 20 cents a bushel. There was a lot of rain on the radar in the Midwest this week and traders may be starting to think maybe we are getting too much rain and it might affect yields or delay the start of harvest. Also supportive to corn was firmer beans and wheat plus very good export demand. I suspect corn prices will not rally a whole lot more until we see the numbers from the USDA Monday in the September Supply Demand Report.

Beans saw solid gains Wednesday of 14-17 cents a bushel. There is more and more talk about bean diseases like White Mold and SDS with all the rain. In addition great export demand and daily bean sales announcements from the USDA keep the attention on export demand. Wednesday the USDA announced a sale of 220,000 MT of new crop beans sold to China and another 264,000 MT of new crop beans sold to an unknown destination. For the USDA report Monday, traders expect the USDA to raise the bean yield to around 50 bushels an acre.