Corn and Beans Hold Last Week
Corn prices saw a few small swings up and down last week but by we closed Friday about where we began Monday. The USDA Supply Demand report was released Tuesday morning fairly close to the trade guess going into the report. Gordy mentioned on the air that there was a twitter of a farmer planting corn in southern Iowa that traders were talking all talking about. That proved that corn planting progress in this afternoon's weekly update would see great corn planting progress! I drove through Iowa, Illinois and Indiana last weekend and did not see one planter in the field!
Soybean prices were about unchanged last week too. The USDA report on Tuesday was a little friendly as the U.S. carryover was not as large as traders expected. The China trade war talk seemed to get put on the back burner as most traders realized China will continue to import beans. It was a surprise when the USDA announced that Argentina purchased old crop beans from the United States. Then the next day the USDA announced Argentina purchased another load of beans. That was the largest bean sales to Argentina in 20 years!
Listen to my report with Gordy Kralevetz below. It's in two parts.