Tough Week For Corn and Beans
It began as a very good week for corn. We were up at life of contract highs Monday during the day. We than sold off and lower in the next 3 of 4 sessions. The Crop Progress report Monday afternoon showed we were now a little ahead of normal in planting progress. Plus, the first corn crop conditions report of the season reveled the highest good to excellent ratings in history! With the USDA beginning the year projection the second or third highest national yield in history it is not surprising the USDA came up with a very high crop rating!
It was a similar theme for beans last week. Beans in the new crop November contract Monday night hit a contract high only to sell off sharply the next 2 sessions. On a positive note the charts look better than corn as the 10, 21, 40 and 50 day moving averages held support. Plus, beans only lost about 16 cents on the week. Also negative for beans there was more trade war talk with China last week. Beans found support from the hot and dry forecast for the middle of this week.