Corn and Beans Down Every Day Last Week
It was a tough week for corn last week as corn closed lower every day. Corn did not see huge losses each day but by the close Friday, July corn was 26-1/4 lower and new crop December lost 26-3/4 cents a bushel. The July corn options expired Friday so there was likely some "game playing" going on related to the options. However the overriding factor was a nonthreatening forecast. In other words, no hot and dry weather in the foreseeable future.
It was a difficult week for beans too, but not as dramatic as corn. For the week, July beans lost 34-1/4 cents while new crop November lost 39 cents. Percentage wise the drop in beans was not nearly as large as corn. Beans seem to be holding much better than corn which is confusing. Going into this year farmers intended on planting 4-5 million more acres than last year. In addition some intended corn acres were likely switched to beans because of the difficult spring weather. So, you would think we would see more pressure in beans rather than corn?