Corn and Beans Still Range Bound
It was another typical week in the corn market. Early in the week it looked like corn was breaking out but by the end of the week it was another disappointment. For the week December corn lost 3-3/4 cents. The bright side is support held and we are still in the range we have been in for quite a while. That could change with the USDA Supply Demand Report that will be released Tuesday morning at 11:00. If the USDA raises U.S. yields more than expected we may violate support.
Early in the week beans too looked like they were breaking out. By the close Friday January beans lost 2-1/4 cents for the week. The bears had some help with the Stats Canada Report where canola production in Canada was raised much more than what was expected. Then on Wednesday the long range forecasts put higher chances of rain in the dry areas of Argentina and Southern Brazil. So, now it comes down to how much rain is in those extended forecasts this morning and of course the USDA Report tomorrow morning.