Grain Markets Closed Today

The grain markets are closed today in observance of Good Friday. The markets will open Sunday evening for the overnight session. It worked out well that markets are closed today. It was a feeling of quitting while you are ahead! Two weeks ago corn had a rally going after the USDA acres and stocks report. It was a very disappointing week as corn sold off the rest of the week. As discouraging as that was, this week was the exact opposite. Corn just kept grinding higher all week. With corn acres projected to be down 4 million acres, traders may be getting concerned about the wet weather forecast and delayed planting.

Beans did well this week too, with new crop November gaining 12-1/4 cents. Beans were down about 10 cents a bushel after the USDA Supply Demand report on Tuesday but quickly rallied back and closed Thursday on a high note. Traders seem to be downplaying the flooding rains in Argentina as they try and harvest their bean crop. The weather pattern seems the same as last year when Argentina lost millions of bushels of beans because it was so wet. There are pictures of flooding in Argentina circulating on the internet. Traders estimate Argentina has only lost .5 to 1 MMT, but we shall see if losses are much more severe!