Corn had a pretty good day Friday, gaining about 4-5 cents. Friday was the second time this year corn closed over the 100-day moving average. For the week, May corn gained 16 cents and December gained 13 cents. The dry weather for Brazil's second crop of corn is getting a lot of attention along with good export demand, a lower dollar index here and a higher currency value in Brazil. It sure looks like the funds were covering some of their short positions in corn. In addition I read that the long only index funds were moving back into the agricultural commodities. It was also announced Friday morning that China bought 132,000 MT of U.S. corn for 2016/17 delivery.

Beans did well too Friday, closing up 7-8 cents. For the week new crop beans gained 35 cents. Better economic data out of China had traders thinking they would continue to buy beans on the world market for import. The NOPA Crush for March came in at 156.7 million bushels, which was 3.8 percent below March 2015 but still the second-largest March NOPA crush on record. Political unrest in Brazil seems to be helping out our exports too. It seems their president may be impeached.

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