Corn and Beans Slightly Higher Last Week
Corn managed to close slightly higher last week even with the USDA July Supply Demand Report. The USDA left corn yields unchanged from July and the acres are actually higher than last year! In about 5 minutes the market totally ignored the USDA numbers as everyone knows those numbers are not real. The actual corn planted acres we will have a pretty good idea in August. The yield per acre, we likely will not know until the combines roll this fall.
Beans also closed slightly higher last week even with the USDA Report. The USDA only dropped the yield about 1 bushel an acre. However, the acres remained the same after the USDA dropped the planted acres 4 million in June. After being wet for so long the dryer forecast along with very warm to hot temperatures seemed to get the markets attention Friday. There is also a lot of talk about how small the beans are and that they are not growing well in the saturated soils.