Market Report: Corn and Soybeans Slightly Firmer Friday

Corn closed Friday 3 cents higher. The pattern was very similar to Thursday, trading lower and than rallying back to close higher. I read the commercials were buy corn Friday as prices are at the lowest level in 5 months. Traders are starting to focus on the weather and planting progress. The forecast for the weekend was widespread rain for the Midwest, South and Southeast. Rain for the western corn belt would be considered beneficial because we are in a mild drought. However, the South and Delta continue to be extremely wet. If they do not get their corn planted on time it is pollinating during the very hot time in the summer. In fact, I read famers are going to give up on corn and plant beans.

Soybeans closed slightly higher Friday. Even though there was a lot of negative commentary all week about we will have so many beans this fall we won't know what to do with them, new crop November beans closed 17 cents higher for the week. The NOPA Crush for March came in above the highest trade estimate, a record crush for March, and the fourth-highest monthly total on record. So much for the bears always talking about "no demand." On the negative side, South America continues to harvest a record soybean crop.