Market Report: Corn and Beans Higher Friday

It was the second day in a row corn managed to close higher Friday, posting gains of 3-5 cents a bushel. For the week, December gained 3-1/2 cents. Friday afternoon Informa economics released their corn estimate at 174.8 bushels an acre. That is just slightly lower than the August USDA estimate at 175.1 bushels an acre. One week from today the USDA will release their September Supply Demand report. Traders are expecting the USDA to lower the yield estimate but at this point I have not seen any average trade guess.

Beans were firmer Friday too, with gains of 7-9 cents a bushel. Even with beans closing higher Thursday and Friday, November beans were still down 14-3/4 cents for the week. Informa Economics estimated a bean yield this year of 49.5 bushels an acre, which is just over the August USDA estimate. Even though we have seen great export demand for beans traders seem to be more focused on just how big this years bean crop will be. Maybe after we get into harvest they will pay more attention to export demand.