Corn and Soybeans Higher For the Second Week In a Row
Last week was the second week in a row corn managed to grind higher. For the week corn gained about 8 cents a bushel. The charts suggest corn may be ready to move higher, plus from a historical perspective corn has a tendency to move higher into January. Good demand continues to support corn. The weekly Ethanol Report indicated 106 million bushels of corn was used for ethanol. Weekly export sales were supportive too at 46.4 million bushels. Year to date we have sold for export 1.053 billion bushel. That compares to last year we had export sales of 901.5 million bushels sold at this date.
It was the second week in a row beans saw gains too. Since beans bottomed on July 16th prices have rallied about 95 cents a bushel. That rally came despite the trade war with China and the USDA projecting a record large carryover of 945 million bushel! The bean market seems to be anticipating an end to the trade war and China will be buying a lot of beans from the United States. Remember, the USDA will release the December Supply Demand Report Tuesday morning at 11:00. It sure would be nice to get a friendly or even bullish report!