Market Report: Corn Firmer, Beans Lower Friday

Corn had a nice day Friday, closing up about 2 cents a bushel. It was the sixth day in a row corn closed higher, plus corn gained about 11 cents on the week. Traders are still digesting the big yield estimate from the USDA the previous week of 175 bushels an acre national average yield. The Pro Farmer Midwest Crop Tour is this week and traders will be watching any news coming from crop scouts. It appears we may have posted an early harvest low but time will tell.

Beans lost about 10 cents a bushel Friday, dropping down to key support. However, for the week beans gained about about 22 cents a bushel. Beans struggled Friday even though we had another daily sales announcement from the USDA of 9.59 bushel of beans to an unknown destination for new crop. In traders' minds, the corn crop might not be getting bigger but the soybean crop is. Some traders Friday were talking about a national average yield of 50 bushels an acre!