A Quiet Week For Corn and Soybeans
It was a quiet week for corn with narrow ranges but at least we were not going lower. For the week May corn lost a 1/2 cent while new crop December gained 1/4 cent.The dry weather in Argentina and wet weather in parts of Brazil delaying soybean harvest and the planting of the second crop of corn was to be supportive. But it did not seem to be enough to rally prices. Weekly export sales were released Friday with another good number of 61.2 million bushel. That was the sixth week in a row of good corn export sales!
Soybeans were a little more active than corn seeing gains of about 15 cents a bushel. Adverse weather in South America seems to be a lot more supportive to beans than corn. Export sales for soybeans were disappointing with a net cancelation of 4 million bushel. There were reports that China canceled 13.3 million bushel of beans from the United States and switched to South America. This was ammunition for the bears along with the 530 million bushel carryover projected here. However, some private analysts in Argentina say if their weather does not improve soon their losses would exceed our projected carryover!