Market Report: Quiet Day for Corn, Soybeans

It was a rather uneventful day today in corn and soybeans. Corn was down 2-3 cents. The dollar index was lower, and that might have offset the negative export sales report. Export sales for corn were well below expectations at only 343,300 MT. There was a cancellation of 343,300 MT to an unknown destination. Somewhat supportive might be the drought monitor. It is expanding in Minnesota, Wisconsin, North and South Dakota.

Soybeans were also 2-3 cents lower. Like corn, soybean export sales were disappointing at only 198,700 MT. Like corn there was a cancellation of 263,700 MT of soybean sales to an unknown destination. Whenever there is a sale or cancellation to an unknown destination, most assume it was to China. China has played this card so many times in the past -- cancel sales, which drives the price down, and then come back and buy more at a lower price.

The truckers' strike in Brazil continues to simmer. The truckers will be meeting with the government again later this month.