Good afternoon!

Corn chopped around most of the day today as we continue to trade in the sideways pattern that we have been in since early August (see the cardinal & gold chart below).  Dec corn traded lower at one point today but ended up closing a nickel higher.  The yield reports that are coming in are still concerning, offering support on the bottom side of the range.  High variability is the norm right now, for every story about ‘worse than expected’ yields, we seem to have one that is ‘better than expected’.  Demand concerns on corn continue to offer resistance on the top side of the range. 

Soybeans traded in a wide range today, trading higher most of the day ending up gaining over a dime.  There were heavy rains over the weekend that could have been viewed as bearish but were likely passed off as irrelevant as this crop is too far along for additional help.  China was rumored to have purchased US beans over the weekend – if we can’t shut off exports bean prices will continue to trend higher.

For tonight, expect corn to open up steady while beans should be slightly higher

http://www.fccoop.com/markets/information.cfm

Dec corn daily chart: