Corn and Beans Lower Last Week
It was not a wash out for corn prices last week as corn closed 2 to 4 cents on the week. There was encouraging news earlier in the week with reports that the Trade War Talks between the United States and China went well. There were even extended for a day. Plus, private firms are dropping their estimates for Brazil's first and second crop of corn. Brazil's weather has been dryer and much warmer than normal. There was even rumors that China had or would buy corn. ethanol and dried distillers grains.
Soybeans started the week stronger but like corn struggled late in the week. By the close Friday March beans lost around 11 cents a bushel. Brazil's weather is supportive with hot and dry conditions and there were rumors of China buying beans from the United States. However, with much of the USDA shutdown there was no official confirmation. So, in traders minds there is no question, China did not buy beans until the USDA tells them they did! Plus, until the USDA cuts bean production in Brazil because of hot and dry weather there was no damage!