Good Week For Corn and Beans
Corn closed 2 to 3 cents higher Friday and it was the third day in a row corn was higher. December corn did set a new contract low last week and then rallied so it appears corn posted a double bottom on the charts. Expected slow farmer selling at this time of year could indicate that a low could be in place. Lets hope so! It would really help to see an increase in export demand. Friday morning the USDA did announce a corn sale of 130,000 metric ton of corn was sold to an unknown destination for the current marketing year.
Beans closed about 7 to 8 cents higher Friday. Support held at the 21, 40 and 50 day moving averages so the charts are looking more supportive for beans too. Also supportive was the NOPA Crush showing crush for October at 175.9 million bushel. That exceeded expectations plus it was an increase of 21 percent over September. The other factor supporting beans and to a lesser extent corn is that Northern Argentina and Southern Brazil. It is nice to see traders noticing less than ideal weather for a change!