Corn and Beans Higher Last Week
Corn saw a good day Friday with gains of 6 to 8 cents. Plus, for the week corn gained about a penny. It was not much however, it was another moral victory as corn now has a weekly hook reversal higher on the charts. It was the first time in six weeks corn saw a weekly higher close. The forecast for this week is for much warmer temperatures for much of the corn growing areas. With much of the corn crop approaching pollination maybe we will see some weather premium put back into corn prices?
Beans closed out the week with an impressive day seeing gains of 37 to 39 cents. Like corn this was the first weekly close higher for beans after being sharply lowers for six weeks. After all this trade war and tariff talk it became a reality Friday as China imposed a 25 percent tariff on imported beans. When I saw beans take off higher during the day session Friday I though of one of the oldest phrases in the grain markets, "sell the rumor and buy the fact." It sure seemed that was a factor Friday!