Corn and Soybeans Firmer Last Week
Corn prices last week seemed to be in a base building mode as December corn gained 1-1/2 cents a bushel. Export sales were delayed until Friday because of the Labor Day Holiday Monday. Export sales were at 2.49 million metric ton. Of that total 1.011 million metric ton were rolled over from old crop to new crop because they were not shipped yet. Remember the new marketing year began on September 1, 2017. The commitment of traders report released after the close Friday shower the funds were short 109,723 contracts as of last Tuesday. The funds added 44,778 shorts from the previous week.
Beans saw a pretty good week posting gains of 12-1/2 cents a bushel. However, it was disappointing that beans closed out the week below the 40 and 50 day moving average. With hurricane Harvey hitting Texas and now Irma hitting the Delta you would think the market would be concerned about the soybeans in the Delta. The commitment of traders report showed the funds decreasing their net short position by 16,423 contracts. Soybean export sales came in at 3.88 million metric ton with 2.36 million metric ton rolled over from old crop to new crop.