Markets Mixed Friday

Corn had an OK day Friday, closing up about 3 cents. Corn for the week was up about 7 cents. This was the second week in a row corn was higher. Maybe the start of a trend? I am a little concerned that if we see a rally, farmers (myself included) will sell into the rally and it will be a rather short rally. Nationwide farmers do have a lot of unpriced corn in the bin. Export sales Friday had a very good number at 1.347 MMT, which was above the trade guess of 600,000 to 900,000 MT. Traders are finally paying attention to the weather issues in South America. I read one article about delayed planting of the bean crop, which might mean there is not enough time to plant their second crop of corn.

Beans were up about 6 cents Friday morning but closed 2-3 cents lower. For the week, beans lost 2-3 cents. The export sales report showed beans at 1.012 MMT. Traders were expecting export sales of 700,000 MT to 1.0 MMT so it was at the high end of expectations. China was the largest buyer at 717,864 MT. It is worth mentioning that soybean meal exports had a big total to at 280,897 MT. The highest trade guess was 200,000 MT.