Market Report: Corn and Beans Lower Again

Even though the calendar flipped to August you would think it was still July. Corn dropped about 50 cents a bushel in July and another 4-5 cents to start the new month. Traders looked at the forecast of moderate temperatures and rainfall as perfect for corn development. On top of good weather for pollination, the bears are in control. The drowned out spots and crop damage from too much rain in the eastern corn belt is long forgotten. Jim Bower with Bower Trading told me today in Indiana where he lives more than 50 counties of about 90 in the state were declared disaster areas. Export loadings were within trade expectations at 920,708 MT.

Beans closed 4-8 cents lower today. Last evening China's stock market was in meltdown mode again, and that affected beans more than corn. Probably because China buys huge amounts of beans from us and not a lot of corn. The concern of course is that if their economy falters they will not buy a lot of beans. Beans did rally off the lows today. It does seem like beans do have some buying support after each leg down.