Corn and Soybeans Mixed
There was not a lot of new news to move the corn market last week. Corn lost 1 to 2 cents Friday but it was encouraging that corn did gain about 4 cents a bushel on the week. Traders do not seem to be the least bit concerned about the cold wet snowy weather that is delaying harvest in much of the Midwest. They paid more attention to the International Grains Council's world estimate of corn production that was released Friday morning. World production was raised 5 million metric ton due to better than expected yields in the United States.
Soybeans gained 4 cents a bushel Friday but for the week November lost 3-1/2 cents. The International Grains Council estimate actually supported beans. The Council left production unchanged but increased consumption by 2 million metric tons. The increase in demand caught traders attention. The market also seems to be a little concerned about the last 30 to 40 percent of the beans left to harvest. These later planted and replanted beans may not yield as well the already harvested beans. The charts look good for beans too as November closed above the 20 day and 200 day moving averages.