Corn and Beans Under Pressure Last Week
Corn began the week Monday under pressure and ended Friday the same way. December corn dropped through the 40 and 50 day moving averages and saw the lowest close since March 28th. The major factor traders were talking about was a warmer and dryer forecast which will allow farmers to get into the fields. While it will take a few days before fields are dry enough, traders think a day or two of sunshine means farmers will be planting corn.
It was the same theme in beans as traders assume bean planting will get under way in a day or two. Beans were pushed down to the lowest close in two weeks. Beans pushed down through the 21 and 40 day moving averages. However, there was a gap on the charts that was filled on Friday. By filling the gap beans may be poised to try and recover. While the bean crop has gotten much smaller in South America traders view that as "old news." That means beans need some new friendly news to recover. Maybe good export and domestic demand?