Grain Markets Closed Today

The grain markets will be closed today in observance of Memorial Day. Trading will resume this evening for the overnight session. It was an ok week for corn after gains of 3-5 cents Friday. This was up 1-3/4 cents a bushel for the week. This was the fifth straight week corn saw a higher weekly close. Last Monday the USDA reported 85 percent of the corn crop had been planted. The market might now finally be concerned about the cold, wet weather and maybe some of those acres will not get planted. Plus, there are a lot of acres that need to be replanted but will they be replanted with June just a couple days away?

It was a tough day for beans Friday and all of last week. Friday beans lost 13 cents, for the week July beans lost 26-1/2 cents. It appeared that the funds were spreading Friday selling beans and buying corn and wheat. Even though corn traders are not real concerned about less corn acres this year, bean traders are thinking some of those unplanted corn acres will be switched to beans. That seems logical however, some of those acres might have had a herbicide applied that will not allow beans to be planted.