Market Report: Grains Close Friday Positive

Corn closed out the week Friday with gains of 3-4 cents. The dollar index was lower Friday and that again supported all the gains. For the week, new crop December lost 10 cents. While corn planting was well ahead of the five-year average, that could change this week. The forecast for much of the Midwest is wet this week. More rain will delay corn planting, especially with much of the eastern cornbelt already saturated.

It was quite a day Friday for beans. The bears had control Thursday and pushed beans down hard. Friday it was the bulls taking charge as beans closed out the week around 22 cents higher. November beans closed at the highest level this year. Traders are still concerned about bean losses in Argentina. In addition with the dollar index lower and the Brazilian real higher beans from the U.S. are much more competitive. It will be interesting to see if the USDA increases exports and decreases carryover in the May Supply Demand Report. Remember that will be released Tuesday morning at 11.