Corn and Beans Hold Last Week
It was fairly quiet in the corn market last week. It is what traders describe as base building. Corn was attempting to break out to the top of the channel it was trading in and actually closed above the 50 day moving average. That was the highest weekly close since August 21, 2018. Corn found support from the forecast for multiple inches of rain for a large portion of the Midwest which will delay harvest for many days.
Soybeans closed out last week on a firm note with gains of 8 to 9 cents a bushel. Beans were supported by strong export sales of almost 56 million bushels. That is a very good number and remember China still has a 25 percent tariff in place on U.S. beans! Bean traders are a bit more concerned about the forecast with heavy rains. They realize some bushels may be at risk of loss because of the weather. The Census data was released Friday morning and it was the second highest August crush on record. In addition it was 12 percent higher that August of last year. Good demand for beans continues!