Market Report: Corn Firmer Friday Beans Sharply Lower

Corn held quite well Friday, posting a gain of about a penny. However, for the week September corn lost 17-1/4 cents. There was a little short covering Friday, but with lower temperatures on the way and a non-threatening extended forecast, it was difficult to get a rally going. While the weather has been beneficial for pollination, the crop is not in the bin yet, even though traders think it is. The key going forward is sunshine, occasional rain and normal temperatures. You need to give the corn plenty of time to fill the ears. You don't want to rush it to maturity.

Beans closed sharply lower Friday, with losses of almost 27 cents. On the positive side, that was about 21 cents off the lows. New crop November beans lost 68 cents for the week. The Commitment of Traders report showed the funds are still long 137,692 contracts as of last Tuesday. That is a reduction of 21,715 contracts. The critical window for beans is August. It has been said many times that August weather makes the bean crop. The extended forecasts are calling for normal precipitation and above normal temperatures.