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The corn market wasn’t very exciting this week as the range in closing prices was only 12 cents. This was the smallest one-week trading range since late July.

The market is trying to determine what the upcoming harvest yields will be. Early reports where harvest has started south of I-80 are positive.

This week the corn and bean markets were dominated by upcoming weather uncertainty and Friday’s Supreme Court ruling against the ethanol industry and potentially the entire renewable fuels industry.

Corn and beans continue trading within tight ranges. Yield estimates seem less certain than usual for this time of year. Therefore, a sideways market may be likely until the September USDA report is released.

This week the USDA decreased the 2020 corn carryout, which lowered the stock to use ratio (i.e., the total usage compared to total production) to 2012 marketing year levels.

The USDA report found an additional 246 million bushels to add to the production side of the balance sheets.

In 12 of the last 15 years December corn futures have had a pullback in August or September. This seasonal trend is usually due to several factors.