Markets Friday: Corn Firmer, Beans Higher

Corn closed out the week Friday with small gains of about a penny. For the week, the lead May contract saw gains of about 8 cents a bushel. The USDA Friday morning reported a sale of 120,000 MT of corn was sold to an unknown destination for the current marketing year. This afternoon's Crop Progress Report will have the first corn planting progress numbers. Traders expect only 2-4 percent of the corn crop will be planted. The South has been really wet and the Midwest has been really cold. However later this week it is supposed to warm up.

Beans had a good day Friday, posting gains of about 12 cents. For the week, May beans lost a penny and a half. The International Grains Council reported that U.S. beans for export are priced at $374 a ton. That is $6 a ton below Brazil but $10 a ton higher than Argentina. It sure seems like beans are still trying to but some acres away from corn this year. While the corn bean ratio does impact acres of each crop, spring weather that also has a major impact in the acre mix.