Corn and Beans Quiet Last Week
The corn market was very quiet last week as corn saw fairly tight ranges during the holiday shortened week. Corn traders do not seem to be concerned yet with the dry weather in Argentina or if all the acres of Brazil's second crop of corn will get planted. You have to wonder if Brazilian farmers will plant a second crop of corn for two reasons. They got the first crop of beans in later than normal and the profit potential for corn in Brazil is just as poor as it is in the United States.
It was pretty quiet in the bean market last week too. The dry weather in Argentina and southern Brazil may be on traders radar but it sure doesn't appear to have affected bean prices yet. Many forecast continue to call for scattered "light" showers. Remember one of the biggest USDA reports of the year will be released Friday morning at 11:00 am. We will get the Quarterly Grain Stocks Report, the final production numbers for the 2017 crop and the World Supply Demand Report. Later on this week we should begin to get average trade guesses for all the reports.