Corn: Bullish news: Corn has started the battle for acres next season. The opponents are soybeans and cotton. Corn will need increased acres and increased yields to rebuild tight supply.

Higher ethanol blends are expected to be enacted by congress. Ethanol production is on target to use those 4.7 billion bushels of corn projected by USDA.

Bearish news: Harvest progress in corn is picking up speed and is now 18 percent complete. Harvest pressure is expected. Corn condition ratings remain 10 percent above normal.

Trader profit taking potential is high because they hold a large open interest of buy contracts. Higher prices could limit exports. Corn export sales were well below market anticipations at 562,000 tons. Ethanol followed corn prices lower.