Market Report: Corn and Beans Lower Friday

Corn closed higher Thursday and was trading higher Friday morning. It sure looked like we had something going until late Friday morning. Corn got up to the 40-day moving average and headed lower. The Dollar Index turned higher Thursday and continued higher Friday. That did not help the cause. However, July corn was still up 9 cents on the week but it was still a disappointing close. The charts are still encouraging with a double bottom and hook reversal higher.

The pattern was similar in beans, too. Beans moved through the 21-day moving average in the morning turned lower and finished with losses of 9-10 cents. On Monday afternoon we will get the first soybean crop condition ratings of the year. More than likely they will be very high so traders will raise yield projections even higher.