Markets Higher Friday

It was another very good day for corn Friday, posting gains of 4-6 cents. For the week, March corn was up 14 cents and December up almost 17 cents. December corn is in delivery and most traders were surprised that at least so far there have been no deliveries. The big drop in the Dollar Index really got corn moving higher Thursday and Friday. In the COT report Friday afternoon, it showed that the managed money accounts decreased their net short positions by 21,688 contracts in the past week, It would really be nice to extend the rally in overnight trading and Monday morning on the open.

It was a good day Friday for beans, too, as beans were 7-8 cents higher. Beans were not far from unchanged most of Friday but managed to rally into the close. Beans also closed above the 100-day moving average. Friday morning the USDA announced a sale of 249,000 MT of beans sold to unknown destinations and another 178,000 MT sold to China. The COF report showed the funds were short 34,768 contracts which was a decrease from 52,925 contracts the previous week. As in corn, it would be nice if beans could continue to rally too.