Market Report: Knee Jerk Reaction Friday

Friday's trade was all about the United Kingdom's vote to leave the European Union. Corn closed down only about 3 cents, which was about 10 cents off the lows. For the week, July corn was down 52 cents and December lost 54 cents. The weather forecast this week appears to be nonthreatening, which might put more downward pressure on corn prices. However, traders did take all the weather premium out of the market. The focus this week will be the weather and the USDA acres and stocks report Thursday.

Beans were under pressure too Friday, but unlike corn beans did not rally back going into the close. Beans were down 21-23 cents. On the charts, beans dropped through the 21-day moving average but held the 40-day moving average. For the week, July lost 53 cents and November lost 65 cents. Bean trades will be watching the weather and of course also the USDA acres and stocks report on Thursday. With the increased demand because of poor weather in South America it is going to be interesting to see the stocks numbers.