Corn down 4
Beans down 5
Yesterday, the September corn contract closed 2 ½ cents higher, settling at $4.17, and the December contract was 2 ½ cents higher closing at $4.27. The August soybean contract closed 2 ½ cents higher settling at $8.85 ¾, and the November contract was 3 ¼ cents higher closing at $9.04 ¼. The market is traded higher yesterday with better than expected weekly export inspections and low trading volume. But this morning corn is trading lower with South America and the Black sea corn running 40-70 cents under the gulf, and export inspections for the year running 14% behind. Beans got a boost too from the export inspections yesterday but are unable to hold the gains. In the end, corn and beans may have a supply problem, but we forget to focus on the demand issues, and the Crop Conditions gave no surprises with no change in beans and a boost of 1% in corn in the good to excellent rating.