It was the second Friday in a row corn closed lower, posting losses of about 3-6 cents. With a weather forecast for the Fourth of July weekend nonthreatening and traders remembering the bearish USDA numbers Thursday, it might be a moral victory we were not lower. Two weeks ago it was all about the extended hot and dry forecast so we saw some weather premium put in corn prices. Now we have seen all of that disappear. However, the National Weather Service is still calling for above normal temperatures in the 30- and 90-day forecast. As corn in the Midwest approaches pollination it is all about the weather.

Beans closed out the week Friday with losses of 6 to almost 16 cents. It was not unusual to see beans backpedal after the big gains Thursday. Remember the USDA acres and stocks Thursday were neutral to bearish beans and yet we saw beans rocket higher. Maybe traders are more concerned about the extended forecast. August is the critical month that makes the bean crop whereas for corn it is July. It is going to be interesting to see how both corn and beans open this morning at 8:30 after not trading since Friday afternoon.

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