Markets Mixed Friday

Corn closed slightly firmer Friday. December corn had a high of $4.09 the previous week and set the low for last week at $3.77 on Monday. Corn did gain 18 cents from the low so you could say it was a moral victory. The dollar index was lower Friday and traders are still watching the dry weather in Brazil affecting their second crop corn. It is not unusual to see a weather market rally during our planting season. What seems unusual is that it is not weather here but in South America.

Beans too closed slightly firmer Friday. For the week May beans gained 34 cents and new crop November gained about 25 cents. New crop November managed to close over $10 a bushel every day last week, which was another moral victory. Traders are talking about maybe 200 million bushels of beans have been lost in Argentina due to all the rain during harvest. Due to good corn planting progress and more this week, traders are thinking not that many intended corn acres will be switched to beans. The funds are long beans and it sure looks like more fund money is moving into beans.