Market Report: Corn and Beans Slightly Lower

Friday was another day corn closed lower, but it was only a penny lower. July corn was 10 cents lower for the week. There was a lot of bearish talk all week about corn, and it seemed like corn would have been a lot lower for the week than 10 cents. The Dollar Index was higher again Friday, closing just below par. Technically corn is oversold, and the forecast is calling for more rain in the southern corn belt, so that might help support corn next week. In addition, corn has a tendency to rally from mid-April into May.

Soybeans closed 2-3 cents lower Friday after being down almost 10 cents in the morning. For the week, May beans were down 34 cents. Seasonally, soybeans tend to trade lower from mid-April into June. The South American soybean crop is harvested during this time frame and hits the world market. Traders also feel the spring weather trends will favor even more soybeans being planted this year in the U.S. It sure seems like it is going to take a major weather event in the U.S. for soybean prices to show some life.