Beans Higher Last Week Corn About Unchanged
We saw a fair amount of movement in corn prices but by the close Friday we were about where we started Sunday night. New crop December gained a penny on the week. Even with huge livestock numbers in the U.S. and export sales of corn picking up, corn is still facing the headwinds of low gas prices and decreased demand from ethanol plants. The weather for the second crop of corn in Brazil is dry for this week and it did not rain over the weekend but no one is paying attention to that.
One of the bright spots for the ag commodities is beans. There is talk about fear of COVID-19 is causing delays of beans moving to ports in Brazil and crushing plants in Argentina. There was also a report that bean inventories in China are at 10 year lows which should help drive more export business to the U.S. In addition with the ethanol grind slowing down and DDG prices increasing that will increase the demand for soybean meal.