Another Down Week for Corn and Beans
December new crop corn managed to hold key support at $3.70 for most of the week. Friday China announced that they were adding additional tariffs on U.S. products and that took corn down over 3 cents a bushel. Corn then posted a weekly close below key support. In the overnight session Sunday night December corn was back above that key support. The President of China announced over the weekend that they wanted to resume trade talks and that popped corn back over support.
Beans dropped by about 12 cents a bushel Friday on the China trade war talk and then got that 12 cents a bushel back Sunday night with the China announcement. The Pro Farmer Midwest Crop tour seemed to support the bean market all week. Pro Farmer found bean pod numbers 18 to 40 percent lower than average in many states. Pro Farmer than came out with an estimate of a National average yield of 46.1 bushel an acre. That was only a couple bushel an acre below the August USDA report.
There are still a lot of unknowns about the corn and bean crops. Pro Farmer pointed out many times they measured potential. With so much of the crop planted late will it have the weather to reach maturity before the first killing frost?