Another Tough Week for Beans
It was a pretty good week for corn as old crop gained about 12 cents a bushel and new crop 6 cents. Corn seemed to be supported by the cool wet weather and slow planting progress. The Commitment of Traders Report was released after the close and it showed the funds did cover some of their record short positions. However, as of last Tuesday the funds were still short 306,699 contracts.
It was another miserable week for beans as beans lost another 23 to 24 cents a bushel. bean traders are talking about some corn acres being switched to beans that will add to an already huge carryover. As of last Tuesday the funds were record short the beans at 293,922 contracts. It sure appears it is going to be another tough week this week!
Sunday evening coming home from the farm I heard on the national news President Trump said if we do not get a deal with China soon he will add more tariffs on China. Those are the ones he delayed from March because the trade talks were going well. In response corn was 8 to 10 cents lower and beans 17 to 18 cents in the overnight trade.