Corn and Beans Quiet Last Week
There was a little bit of back and forth trading in the corn market last week, but by the close Friday new crop December gained a quarter of a cent. Bullish traders were disappointed we did not see a rally after the flooding rains in a major portion of the Midwest. The bears countered that the northern corn belt did get the corn planted and they expect this afternoons planting progress report to show we are ahead of the five-year average. That may be the case, but when will the rest of the corn crop get planted and how much will have to be replanted when it dries out?
It was fairly quiet in the bean market last week too. For the week, new crop November lost 6-3/4 cents. Bean traders argue that we could see even more bean acres this year because of all the flooding rains. It seems possible, but then if some corn acres are switched to beans wouldn't that be friendly to corn? It sure seems like the bears can always have it both ways! It was another week of very good export sales. Total export same have again exceeded the USDA projection for the entire year. This marketing year ends on August 30, so it sure seems like the USDA will have to increase export sales in the June Supply Demand Report.