Corn and Soybeans About Unchanged Last Week
Even with the February USDA Supply Demand Report last week corn held pretty well. Corn closed 2 to 3 cents lower to end the week after 3 firmer days in a row. For the week corn was up a fraction. Given the wild swings in the stock market it was maybe a moral victory for corn. In the past a big stock market sell of would have taken corn much lower too. There was some talk on Friday about China canceling 4 cargos of U.S. corn and switching to non-GMO corn from the Ukraine.
Beans held well too last week even though they were 3 to 5 cents lower Friday. For the week beans gained about a penny and new crop November held at $10 a bushel. So, with the USDA report and the stock market melting down it was a moral victory for beans too. Finally we are hearing in the news that the weather in Brazil is less than ideal in Brazil. Overall they have a good bean crop but they have had a few "dings." Also supportive is the hot and dry weather in Argentina which is also getting more attention. How we trade next week will likely depend on how much rain they actually get this weekend.