Volatile Week For Corn and Beans

There was a lot of action in the corn market last week. With the flooding rains in the southern and eastern corn belt corn responded on Monday with big gains. A little later in the week they disappeared. Trade talk was that the damage was not as severe as first thought. Then on Friday corn managed to close 3 or 4 cents higher. It seems at least the market has now decided we will not plant more than 90 million acres of corn this year in the United States that was the estimate in the acres report the end of March.

Beans had a pretty good week, posting gains of 13-16 cents a bushel. The charts look very positive since beans saw a bullish reversal the week of April 10. Since then beans have seen higher highs and higher lows on the weekly charts. Even though South America and the United States produced a record crop, excellent demand continues to support beans. Friday the USDA announced a daily sale of 4.85 million bushels of beans were sold to an unknown destination.