Corn and Beans See Good Close Friday
It was pretty bleak for corn Thursday morning when corn was fairly hard, Late Thursday and again late Friday corn rallied back. For the week July corn was only down about 3 weeks which was a moral victory. Support late last week came for an announcement from the USDA that 4.7 million bushel of new crop corn was sold to Mexico. Even though there was some rain in the corn belt some areas were missed and traders are concerned about the long range forecast calling for hot and dry conditions.
It was a similar story in beans last week. Beans closed Friday up 4 to 6 cents. July beans closed the week with losses of about 2 cents but that was more than 13 cents off the lows. Bean traders are also concerned about the dry conditions in North and South Dakota, parts of Iowa along with central Illinois. Demand both domestically and for export continue to support bean prices, even with more bean acres this year.