Markets: Corn Unchanged Beans Higher

After big daily ranges earlier in the week, it was fairly quiet in the corn market today as corn closed about unchanged. For the week corn only lost about 2 cents. December corn is now only about 10 cents a bushel below where it was trading going into the August USDA report. Corn has absorbed a lot of bearish news with the USDA report, China devaluating their currency, China's stock market melting down, and good growing conditions in the United States.

It was the second day in a row that beans closed firmer gaining 6 to 7 cents a bushel. November only lost about 4 cents a bushel this week. After posting contract lows last Monday the bears could not push beans lower. Crude oil was higher and that supported bean oil which then supported beans. Many traders think the USDA over estimated bean yields and under estimated bean demand when they came up with a projected carry over of 470 million bushel.