Market Report: Corn and Beans Lower Friday

Corn had modest gains Thursday but gave them back Friday, closing 2-5 cents lower. The Dollar was about 100 points lower, but that did not even help corn. It was a bit of a victory that corn actually gained about 2 cents for the week. The Pro Farmer Midwest Crop Tour pegged a national corn yield of 164.3 bushels an acre. That is 4.5 bushels an acre below the August USDA estimate. The Commitment of Traders Report showed the funds decreased their net long positions by 27,492 contracts as of last Tuesday. They are still long 73,626 contracts.

Beans closed Friday 16-18 cents lower. For the week new crop November beans lost 27 cents. The U.S. stock market was down more than 500 points Friday and 300 points Thursday. That likely led to some of the selling in beans and all the grains. The Commitment of Traders Report showed the finds decreased their long positions by 39,699 contracts. They are still long 19,684 contracts. The Pro Farmer Midwest Crop tour estimated a bean yield this year of 46.5 bushels an acre. That is only 0.4 bushels an acre below the USDA August estimate.