Corn and Beans Mark Time Last Week?
Last week the corn market seemed to be waiting for more information to provide direction. In my opinion traders are trying very hard to ignore all the prevented plant acres not to mention the lower yield on the corn that is planted because of all the flooding rain! This Friday at 11:00 am the USDA will release the Planted Acres Report and the Stocks Now Report. The survey for the Acres Report was done in early June so it will be out dated by the time we see it!
it was wait and see in the bean market last week too. Even though beans were down pretty hard on Friday they still gained 4 cents a bushel on the week. Watching the national radar over the weekend a lot of the Midwest had pretty heavy rains. Almost all of the Midwest is now beyond the date at which farmers could take the prevented plant option on any bean acres not planted. Very soon the calander will flip to July so you would think that might be the end of bean planting for the year!