Market Report: Corn and Beans Lower Friday

Corn saw an 18 cent trading range Friday before closing 5-7 cents lower. For the week, December lost 6-1/2 cents a bushel. Both the American and European weather models were calling for extreme heat the middle of this week but it is forecast to last only for two or three days. When it does cool off a bit, there are better chances of rain. With the corn crop condition ratings near record highs, traders are thinking the corn crop is already "in the bin." Farmers know the crop is not made yet as there is a lot of growing season ahead. I learned a long time ago traders do not care what I think or know!

Beans saw a large trading range Friday too of 47 cents before closing 5-11 cents lower. For the week, November beans had a 91 cent range but closed only 1/2 cent lower. The NOPA Crush was released Friday morning and it came in at 145.05 million bushels. Traders called that disappointing because it was below the guess but it still was a record crush for month June. In addition, the USDA announced a daily sale of 11.7 million bushels of beans to an unknown destination. Great demand seems to still be supporting beans.