Corn and Beans What a Week!

I am going to remember how corn and beans traded last week for a long time! Corn and beans traded quietly in narrow ranges until the USDA report Thursday morning at 11:00. Traders expected the USDA to cut the projected corn yield by a couple of bushels an acre. The USDA raised the corn yield and that took corn down about 16 cents a bushel!

The bean numbers from the USDA were friendly as the USDA cut the projected yield but because the corn was so bearish beans were down hard Thursday too. Then Friday morning both corn and beans opened higher and closed out the week Friday sharply higher! There was talk that we were close to a deal with China to end at least the agriculture part of the trade war.

There was official news over the weekend that we have a deal with China pertaining to agricultural products. However, in the overnight session corn and beans were about unchanged. Maybe that news was in the market Friday? However, it seems like the really bullish news the market is ignoring is the cold weather and the blizzard in the Dakotas?