Market Report: Corn and Beans Lower

Corn closed out the week Friday going into the long Memorial Day weekend down 4 cents a bushel. I was a little surprised when I looked at the weekly close that was down only about 5 cents a bushel from the previous week. There sure was a lot of bearish talk for only being down 5 cents a bushel. Technically corn is very oversold and due for a bounce. Many times you see that coming out of a long holiday weekend. For those of us who wish we had more new crop corn sold or have old crop corn in the bin, let's hope it comes!

Beans were down hard on Friday, losing 13-14 cents in old crop and new crop was down 10-11 cents. For the week, November beans were down about 27 cents and July 28 cents. The bears are firmly in control and will likely stay that way until we see some type of weather event. The beans are not all planted, but the traders are not concerned as it is not that late yet. In addition beans do not like wet feet as the old saying goes, and parts of the Midwest and South are very wet. Here again traders do not seem to be concerned. Gordy has said many times on KDHL when it comes to weather the only thing that gets the traders' attention is hot and dry!