Good Week For Corn and Soybeans
Corn continued to move higher last week on the forecast for above normal temperatures and below normal precipitation in the 6-10 and 11-15 day forecast. Corn still struggled to really get going and traders assume it is because of the USDA acres and Stocks report that were considered negative for prices. In addition traders think after every small increase in prices there is some farmer selling of old crop corn in storage. It seems like this may be the case as many farmers did have old crop corn to market yet.
Beans had a very good week as beans gapped higher last Monday and then we saw follow through buying Wednesday, Thursday and Friday. Since the friendly acres and stocks numbers from the USDA the beans have closed higher 9 days in a row! The weather is too dry in the west and too wet in the east. However, it seems like traders are more concerned about the condition of the bean crop. There are widespread reports of small beans and that they are not growing well. In the overnight session I saw both corn and beans were higher so maybe this week will be a repeat of last week?