Markets are trading mixed overnight with beans and wheat higher while corn is slightly lower in another quiet trade. It continues to be a slow time of the year after the USDA report earlier in the week.

Export sales this morning for wheat came in at 290 tmt (275-600 expected), corn 946.9 tmt (1,100-1,900), n/c corn 0 (0-100), beans1,173.8 tmt (1,500-2,200), n/c beans 0 (0-50), meal 176.3 tmt (175-450), n/c meal 0 (0-50), and oil 63.8 (5-80).

Big oil sales with everything else on the disappointing side.

Managed funds on Wednesday were estimated as net sellers of1k corn to drop the net long out to 115k, net buyers of 1k beans to reduce the net short to 69k, and net buyers of 1k wheat to reduce the net short to 58k.

Weekly EIA data showed ethanol production up 5k bbls per day to 1,078k bbls. Stocks were off by 355k bbls to 22,648k bbls. Weekly production was 317m, which is above the 309m bbls per week we need to average to meet the USDA’s new usage forecast that was adjusted on Tuesday’s report.

Corn posted a higher high and higher low but pulled back from intraday highs to post a bearish reversal. The market is over bought. Support is 4.44 and resistance 4.50.

Beans traded an outside day on Wednesday but finished with minimal gains with the market remaining range-bound. Support is 9.80 and resistance 10.09.

Corn pulled back after running into hedge pressure yesterday at 4.50. The supply outlook is tighter than we thought, but we’re still not running out of corn. With the market at the top of the range a lot of bullish news in the market, producers should look at downside protection on unsold bushels.

Beans continue their range-bound trade with prices hovering in the bottom of the trading range. Supplies are still expected to be large with potential for a leg lower from here. Use puts to protect downside risk.

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Corn down 1

Beans up 1