Market Report: Corn Firmer, and Beans Weaker

Corn closed out the week Friday with gains of 1-2 cents. It was nice to see corn add to the big gains from Thursday. A lot of corn still needs to be planted in the eastern and southern corn belt. You have to think some of those intended corn acres will be switched to beans. Remember in the Perspective Plantings report the end of March the USDA projected corn acres this year at 93.6 million. In the past two months beans have rallied around $2 a bushel while corn gained around 15 cents.

Beans lost another 5-7 cents Friday. Since the USDA report Tuesday beans have lost about 26 cents. Remember beans traded up the limit for a while after the USDA report Tuesday. Traders are sure talking about how bearish it is that beans will pick up acres from corn this year. I agree with that their assumption but why is it that corn traders are not calling that being friendly to corn prices? They just never mention it.