Markets traded with gains overnight with beans able to bounce after seeing large losses on Thursday.

The Pro Farmer tour found an average corn yield in Iowa of 192.79 vs. 182.8 last year. The USDA has their yield at 209 vs. 201 last year. Pod counts were 1312.31 vs. 1190.41 last year, and the USDA has their bean yield at 61 bpa vs. 58 LY.

Minnesota corn yield was estimated at 164.9 vs. 181.3 last year. The USDA has their corn yield at 185 bpa vs. 185 last year. Pod counts came in at 1036.59 vs. 1037.7 last year, and the USDA has bean yields at 49 bpa vs. 48 last year.

At first glance, the Pro Farmer numbers relative to last year look pretty close to what the USDA is saying for Iowa, while the Pro Farmer data would suggest Minnesota corn yield may need to come down quite a bit.

Managed funds on Thursday were estimated as net sellers of 5k corn to push the net short out to 254k, net sellers of 13k beans to push the net short out to 178k, and net sellers of 4k wheat to push the net short out to 71k.

Canadian rail workers were locked out as the two sides couldn’t agree on a new labor deal. The Canadian govt. issued a back to work order to end the rail stoppage.

Corn posted a lower high, lower low, and lower close as the market dropped back to the low end of the recent range. The market continues to lack direction with support at 3.92 and resistance at 4.15.

Beans posted a lower low, lower high, and sharply lower close with the market retracing the gains from earlier in the week. The downtrend is in place with the market unable to close above trend resistance. Support is 9.50 and resistance is 9.80.

Corn pulled back on Thursday as the crop tour has found good national crop potential. At the same time, that shouldn’t be much of a surprise with a lot of bearishness priced in. Look for sideways trade as we head toward harvest.

Beans traded sharply lower on Thursday, giving back most of the early week gains as the market was unable to take out resistance and sellers re-engaged. The trend is still lower and the fundamentals bearish.

Corn mixed

Beans up 3-4

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