Another Tough Week For Corn and Beans

It was more of the same for corn prices last week as corn worked lower. For the week, May lost 14 cents while new crop December lost 12-1/2 cents. Most farmers in the Midwest were unable to plant corn because of widespread rain. It was difficult to watch corn slide lower and not be able to plant corn either. Traders argue it is only April, and the forecast last week suggested better weather this week for planting. Looking at the updated forecast this morning, it is not conducive to planting corn. It is cold, wet and maybe even some snow.

Beans had a much better week than corn, closing 4-6 cents higher Friday. For the week, May beans lost only 4-1/2 cents and new crop November only lost 2-1/4 cents. Beans seemed to continue their consolidation and did challenge overhead resistance at the 21-day moving average. I read beans were supported on trade ideas farmers will stay with their intentions of planting corn and not switch more acres to beans. Plus, the bean market is telling farmers to plant more beans with the corn bean ratio at 2.51.