Market Report: Corn and Beans Sharply Higher Friday

Corn closed out the week Friday with gains of around 13 cents. New crop December saw the highest close since July of 2014! Even though the crop conditions are very high traders are concerned about the southwestern plains that have been missing rain showers. In addition it has been very hot with temperatures in the upper 90s to over 100 degrees. The long range forecast from the National Weather Service is calling for above normal temperatures for the corn belt and equal chances for above or below normal rain.

Beans had a good day Friday too posting gains of 25-29 cents. In addition to the weather beans were supported by great demand. The USDA announced a daily ale of 19.2 million bushels of new crop and 12.1 million bushels of old crop beans were sold to China and unknown destinations. The crop conditions for beans are very high too but demand and weather has traders attention. We are going to need a big crop here in the United States to keep carryovers adequate.