Active Week In Corn and Beans

Last week corn had a couple of down days and then a good day Friday. Thursday corn follower beans lower as news of the corruption scandal in Brazil hit the market. The corruption goes all the way to the president of Brazil. Beans were down more than 30 cents and the Brazilian currency also dropped sharply. However, Friday corn recovered most of the losses from Thursday. Maybe, finally the corn market was concerned about all the wet weather in the corn belt, especially in the eastern corn belt?

As I mentioned beans got hit earlier in the week and really got hammered Thursday. However, beans got back about 1/3 of Thursday's losses Friday. For the week, July beans lost only 10 cents and new crop November only lost 8 cents. It sure could have been worse. It seems like beans are "marking time" waiting for new news to provide direction. I am concerned about beans longer term with the projected increase in bean acres this year. Plus, with all the wet weather you have to think some intended corn acres will be shifted to even more bean acres this year?