Corn and Beans Show Some Life Last Week
Corn showed some life last week posting gains of almost 8 cents a bushel. The gains were not a lot but it was a definite step in the right direction. Beans, wheat were also higher and the dollar index was lower and that seemed to support corn. The USDA did announce that the USDA Supply Demand Report that was scheduled to be released this Friday will be delayed because of the partial Government shutdown. There were rumors circulating that China bought U.S. DDG's, ethanol and corn that also supported prices.
Beans had a good week too closing higher four of the five days. In addition beans closed near the highs each day. Beans were supported by dry and hot weather in Brazil. There are private estimates dropping their bean crop to around 105 to 115 million metric ton. The USDA last month was at 122 million metric ton. The dollar was also lower on talk that the Federal Reserve Board may not be raising interest rates this year.
So, maybe it is a lot to hope for, we need dry weather to continue in Brazil, the trade war with China to end this week, and the partial Government shutdown to end so we can get confirmation of big export sales!