Market Report Friday: Corn and Beans Close Higher

It was a fairly quiet reserved day Friday, but corn still  managed to close 3-4 cents higher. It was encouraging that corn is indicating a bit of a breakout to the upside. A sigh of more good export demand, the USDA announced a daily sale of 130,000 MT of corn was sold to an unknown destination for the 2015-16 crop year. Corn is now at its highest level since October. Parts of the eastern corn belt are still struggling to finish planting corn. The forecast is for more rain at least through the middle of next week, indicating more delays.

Beans closed 6-7 cents higher Friday. For the week, old crop November gained about 12 cents. Beans continued to see good export demand when the USDA announced a sale of 110,000 MT of beans were sold to China for the 2016-17 marketing year. In addition the USDA announced a 100,000 MT sale of soybean meal to an unknown destination. You have to think that we will end up with some of those intended corn acres being switched to beans this year. This might show up in the June Supply Demand Report or the acres report the end of June.