It was an exciting day Friday with the USDA Supply Demand report that was released at 11. By the close, corn was 2-3 cents lower. The funds have a history of selling friendly reports plus corn was higher for the week. Traders likely thought it was time to bank some of those profits in case there was a change in the weather forecast over the weekend. Traders were buying corn ignoring the rain in the forecast for this week and instead trading the hot and dry extended forecast. The USDA dropped carryover this year to 1.708 billion bushels and next year's carryover to 2.008 billion bushels.

Beans managed to close about 2 cents higher Friday. For the week July beans gained a whopping 77 cents and November gained 46 cents. It was the ninth week in a row beans were higher! The USDA cut old crop carryover by 30 million bushels to 370 million. New crop carryover dropped 45 million bushels to 260 million bushels. That is a stocks to usage ratio of 6.6 percent. That ratio is at the point where you could say new crop bean stocks are "tight." That means anything less than ideal weather will really get the bean market moving higher.

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