Disappointing Week For Corn and Beans
Corn began the week higher following through from the previous week and it appeared we had a rally going. Then the rest of the week corn closed lower each day. We did not see big losses, just 2 to 4 cents each day but it was really discouraging! It did not help to have lower export sales on Thursday that the average trade guess and of course all traders talk about is "harvest pressure." However, it seems most yield reports from farmers indicates a yield lower than last year!
Beans began the week Monday with double digit gains only to see that disappear the rest of the week. In fact November beans lost about 7 cents on the week. In addition November beans technically saw a "hook lower reversal" on the charts. Bean traders are talking about good yields, harvest pressure and record carryover in the U.S. and the world. They seemed to forget that in the Export Inspections Report Monday China bought two boat loads of beans from the U.S. I suspect corn and beans will continue to struggle until we get the majority of harvest finished.