Corn and Beans End the Week Higher
Corn struggled during the week and then came rallying back on Friday to close out the week gaining a fraction of a penny. It was somewhat of a moral victory. Corn seemed to follow along with a sharply higher wheat market. Egypt announced a large optional wheat tender and the word was U.S. wheat is the most cost competitive in the world. Traders were expecting we would get the business and that supported corn.
Beans saw light buying Friday to recover some of the losses earlier in the week. However, it was the second week in a row beans saw lower weekly closes. November options expired on Friday so there was the usual "game playing" by traders. For the week beans lost around 12 cents a bushel. The USDA's high projected carryover is hanging over the bean market. The last two weeks export sales have been disappointing and that has not helped either. In this afternoons harvest progress report beans should be approaching the key 75 percent harvested. Soon we will no longer hear about "harvest pressure."