Corn and Soybean Markets Quiet Last Week

Corn continued in a fairly narrow range last week as both the bulls and bears have a pretty good argument. Tuesday corn had the highest close in seven months and then seemed to drift slightly lower the rest of the week. March corn did close 7-1/2 cents lower for the week. Traders think bean prices are high enough to pull acres from corn this spring. With record demand for corn we cannot lose too many acres. Traders are concerned about trade disputes that might develop with the Trump Administration.

Beans closed Friday quietly just above unchanged. Beans were lower in the overnight trade and managed to rally back near the close. The funds are long beans and maybe they are not ready to give up in the long side yet. A few days ago beans were supported by flooding rains in Argentina but that seems to be "old news" now. Beans were down 9-10 cents when I got to the studio this morning. My first thought was weather in South America or trade war concerns. We will find out at 8:30 this morning when I am on the air with Gordy!