Commodity Prices Were Lower Last Week
It was fairly quiet in the corn market last week but corn managed to gain 3 to 5 cents a bushel. The dollar index continued to work lower which make our corn prices more competitive on the world market. Corn export sales on Thursday were a marketing year high plus there were a couple daily sales announcements of corn sales on Friday. One of those was an "unknown" destination. When I see an "unknown" destination I think of China. All export sales announcements are a good thing but corn sold to China would be news worthy!
Beans struggled last week with Friday the third day in a row beans closed lower. Even though the seemed to be under a lot of pressure last week they were only down 4 to 6 cents a bushel on the week. Traders are now admitting there are weather issues in Argentina they continue to insist "good" weather in Brazil will more than compensate for any losses in Argentina. We sure have heard that argument before haven't we? Traders were also talking about the marketing year low in soybean export sales last week, Again, they forgot to mention huge export sales of soybean mean and oil!