Finally corn showed some life as corn rallied and closed 11-14 cents higher Friday. For the week, December corn only lost 4-1/2 cents. Traders are focused on the weather and there has been a lot of rain on the radar since the Fourth of July weekend. The weekly export sales report was delayed to Friday because of the holiday on Monday. The USDA reported that 32 million bushels of corn were sold last week. Of that total, 14.6 million was old crop.

Beans showed some life Friday, too, closing 35 cents higher. For the week though, November beans lost about 80 cents a bushel. November beans got down to $10.25, which was the 62 percent retracement level. It was encouraging to see beans bounce from there. Beans were supported by great demand, as shown by the weekly export sales report. The USDA reported that 44.9 million bushels of beans were sold, with 23.4 million of that total old crop. In addition, China bought 35,000 MT of soybean oil from the United States. Some long-range weather models are calling for heat building in the Western corn belt, which was supportive too.

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