Market Report: Corn Lower and Beans Collapse Thursday
Corn challenged overhead resistance in the December at 3:80 and failed to break through. With beans sharply lower corn followed along, closing down 3-5 cents a bushel. It was really disappointing as corn was 10 cents higher in the overnight session. Apparently some of the extended forecasts took a little of the heat out and that gave the bears the chance to take control. Export sales were very good again at 53.4 million bushels, with about half new crop. We are very close to the USDA export projection for the year. Remember the marketing year ends August 31.
Beans were trading about 20 cents higher but closed 39-43 cents lower. Wow! The noon weather updates took a little heat out of the forecast and it turned into a rout. It sure looks like it is going to be hot next week, according to the National Weather Service. The forecast I saw this morning is calling for highs next Thursday of 96 degrees. So, how hot is it going to be in Iowa, Indiana or Illinois? Export sales saw another good number at 33.5 million bushels, with 13.4 million of that old crop.