Market Report: Corn and Beans Lower Friday

Corn closed out the week and month of July 3-4 cents lower on Friday. For the week, new crop corn lost 21.5 cents, and for the month of July about 50 cents a bushel. We started the month with traders concerned about too much rain in the eastern corn belt and the bears were on the defensive. Then the forecast had less rain and the bears took control again. We spent the rest of July with most traders convinced that the good crop in the West would make up for the losses in the East. It will likely be harvest or even later before we know the answer to that question.

Beans closed Friday 9-11 cents lower. November beans lost almost 25 cents a bushel last week, and for July they lost 97 cents. That's a big drop, almost $1 a bushel. Traders have the same attitude about beans as corn, the West will make up for the problems in the East. However, everyone, traders included know that the bean crop is made in August. That means August weather will important.