Trading ranges in the corn market were quite small again Wednesday as corn closed about 2 cents higher. Ethanol production tied the weekly production record at 1.029 million barrels per day. Traders are hearing more reports of tip back where the corn did pollinate the top of the ear. However, with moderate temperatures and rain in the forecast, traders are not very concerned about tip back. Farmers are concerned about tip back because we know that was yield potential that will not be realized!

There was not a lot of action in beans either Wednesday, but beans did manage to gain about 9 cents a bushel. Soy oil has been supporting beans in about the last week. Palm oil supplies are shrinking and the alternative for end users is soybean oil. There was another new crop bean sale announcement Wednesday morning from the USDA. China bought 13.98 million bushels and another 4.4 million bushels were sold to an unknown destination. The dollar index was lower again Wednesday and that helped support all the grains.

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