Corn was on the defensive Friday, closing 3-4 cents lower. On the bright side, the low of $3.65 in March corn set after the bearish USDA Report Tuesday did hold. Export sales of 24.4 million bushels were not very supportive, especially when you consider we are lagging last year's export pace by 30 percent. That might not be as bad as it sounds because end users might be using the approach of "just in time" delivery. They know we have good supplies and the quality of corn is good so there is no need to buy ahead. Plus the Dollar Index has been working higher, which makes corn to them even lower priced,

November beans went off the board Friday, down more than 10 cents a bushel. January is now the lead month, and that closed 7-8 cents lower. Beans were lower even with great export demand. Thursday the USDA announced a sale to China of more than 300,000 MT and the weekly export sales Friday were strong at 47.7 million bushels. Plus year to date we have 1.07 billion bushels of beans already sold for export. Beans are still in the well established range but now in the lower end of the range.

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