Market Report: Both Corn and Beans Lower

It was a tough day for corn as it closed down 5-6 cents. Traders looked at the forecast for next week and it's warm and dry. So, they assumed a lot of corn will get planted next week. Also weighing on the market was the continual spread of the bird flu. Traders are talking about a 25 million bushel cut in feed demand because so far the bird flu has taken out about 2.6 million turkeys in Minnesota. I did read a turkey will consume about a bushel of corn while it is being fed to market weight. I guess those traders are assuming a lot more turkey barns will break with the bird flu. The USDA announced  this morning a corn sale of 121,400 MT to an unknown destination.

Soybeans closed down 8-9 cents. Soybeans also closed in the lower end of the daily range. There was less concern about the truckers strike in Brazil. They threatened to go on strike last night but did not. The issues have not been resolved, though. The real problem with beans is South America is harvesting a big crop and all indications are we will produce a big crop here this year, too.