"Most of the shorts would have covered anyway ahead of tomorrow's crop report," a trader said yesterday.
The crop report was based on crop conditions as of Sept. 1.
But traders were unwilling to take large risks before the crop report is released today after the grain markets close.
Corn and soybean prices were under pressure all week from bearish expectations surrounding the crop report.
They were the guys who compiled all the local crop reports.
The market's expectations for a bullish crop report were fulfilled in only a minor way.
For instance, the government publishes a crop report that a commodity broker then passes on to a client.
While the crop report was the big news in the grain markets, other factors tended to put a floor on price declines.
Another issue to consider for the crop report would be if it is important enough to report.
"I think people are starting to get a little nervous going into the crop report," he said.