Corn and Beans Lower Friday on Profit Taking

Corn prices lost 2 to 3 cents Friday on profit taking but still had a pretty good week gaining around 5 cents a bushel. Corn closed out the week at the highest level in 7 months! The USDA Supply Demand Report Thursday was friendly for corn as the USDA cut carryover 225 million bushel. Since the January Report corn carryover has been cut by 350 million bushels. The Commitment of Traders Report showed the funds net long 163,534 contracts as of last Tuesday.

Beans saw profit taking Thursday after the USDA report and in a big way Friday with losses of 14 to 25 cents a bushel. The USDA Report Thursday was pretty much neutral for prices but it was not friendly or bullish. So prices moved lower especially after a number of forecasts were calling for rain over the weekend in Argentina. Many of them had the term "soaking" in them. The Commitment of Traders Report showed the funds were net long 183,711 contracts.