Corn: down 1
Beans: down 1-2
The corn market is trading lower this morning as the rally off the lows has alleviated some of the oversold condition. There are not a lot of good reasons to buy corn right now—US exports expect to decline, ethanol demand, and the US crop is being planted at an aggressive pace. Supply disruptions are about the only thing to give the corn market hope for a rally.
The USDA confirmed an export sale of 10 million bushels of old crop beans to China yesterday as the market continued to work higher. Beans trading lower today after the short covering rally yesterday. No one wants to press the short side of the market with potential Chinese business.