Market Report: Corn Slightly Higher, Beans Lower

Both corn and beans were trading lower earlier today. By the close, corn recovered and gained a penny, but beans were 8-10 cents lower.

Beans are really having a tough time overcoming a record harvest out of South America. The crop isn't as big as expected, but it is still a record.

Export sales were good today with corn at 986,800 MT. Beans had a good number, too, coming in above the highest trade guess at 501,200 MT.

Many years the bears argue that even though we might have good soybean export sales they will be canceled and shifted to South America. Well, this year we have already shipped 85 percent of the USDA export projection for the marketing year!  It's hard to cancel them when they have already left the country!