Market Report: Friday Corn and Beans Firmer

Corn closed slightly higher Friday. Even though there was a lot of volatility last week, the weekly close was not much different from the week before. For the most part, the weather last week was good for planting and that kept a lid on corn prices. When you think about it, it was amazing corn prices held in as well as they did. In the CFTC commitment of traders report the funds are short 116,985 contracts as of last Tuesday. That is 27 percent larger than the previous week.

Soybeans closed up one-half to 3 cents on Friday. The old crop May closed up 16 cents for the week. The funds are not nearly as short beans as the COTC commitment of traders report showed they lightened up to being net short only 29,180 contracts. The unknowns about the truckers and port strikes in South America were supportive. It does not matter how big the bean crop in South America is or whether it is cheaper than U.S. beans if the beans cannot be shipped. Looking at history, beans do have a tendency to rally in April and May.