Today corn lost some of the gains from Thursday, closing around 2 cents lower. Corn planting has gone well this spring even though it has been cool this week and will be cool again early next week. For the week, July corn gained 2-1/2 cents and new crop December gained 4-1/4. Many times oats is an indicator of corn and oats were up quite a bit this week. Does that mean corn will rally next week? I read this week that the El Nino is setting up, and normally that means good growing conditions this summer in the corn belt.

Beans closed 3-4 cents lower today. For the week, July beans were down 23 cents and new crop November lost 17-1/2 cents. With the USDA projecting a carryout at 350 million this year and 500 million next year, it's tough to argue for a rally in prices. We have to remember it is still early in the growing season with only about half of the beans planted. There is a lot of growing season left and it is August weather that makes or breaks bean yields

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