Corn and Beans Had a Good Week!

Corn saw more signs of life Friday, closing 4-5 cents higher. For the week, March corn gained 9 1/4 cents even with the USDA February Supply Demand Report. The USDA report saw increased world production but world carryover dropped providing support to corn. The Commitment of Traders Report showed the funds added 25,372 longs as of last Tuesday. Remember, the funds had been very short for a long time and now they are getting long.

It was a good week for beans too as March beans gained 32 cents a bushel. The USDA report decreased world ending stocks in Thursday's report, which was friendly. The USDA also reported a daily bean sale Friday morning of 140,000 MT of beans were sold to an unknown destination for the 2016/17 marketing year. Also friendly was a report that Chine imported 7.66 MMT of beans in January, which was 35 percent larger than January 2016. Going forward it will be all about demand and weather in South America.