Market Report: Corn Higher Friday, Beans Sharply Higher

Corn managed to firm up late Friday and close out the week 3-4 cents higher. There is rain in the short-term forecast, but the 6-10 and 10-15 forecasts continue to call for warmer and drier. For the most part, corn is through the critical pollination phase but hot and dry could still have an impact on overall yields. A weak GDP report Friday morning really caved the dollar index lower, with one of the largest drops in two months, and that supported both corn and beans.

Beans saw a very good day Friday, posting gains of 23-29 cents. The crop ratings are very high but maybe traders are a little concerned with the longer range forecast. While corn has passed the critical phase, the bean crop is made in August. So, weather forecasts will be watched closely. Friday morning was the third day in a row there was an export sales announcement of 4.7 million bushels of beans sold to an unknown destination. The sale was split with half old crop and the other half new. Friday was the first day since July 18 that beans closed above the 10-day moving average.