Corn and Soybeans Quiet Last Week
It was a fairly quiet week in the corn market with very low volume. By the close Friday corn was down about 7 cents a bushel which was not too sever given harvest pressure. Traders continued to talk about poor corn export demand and how far behind export sales are this year compared to last year. However, last year South America had a poor corn crop and our export sales were "front loaded.) This year South America had a good corn crop. Normally corn export sales are slow at this time of year and increase in January!
It was quiet in the bean market too last week. By the close Friday beans were around 3 cents lower on the week. Not too bad given harvest pressure. Traders continued to "fret" about the trade war with China and if we have a deal on agricultural products. However, even without an agreement China is buying a lot of beans and pork from the United States. Weekly export sales last week for beans was supportive at 35.1 million bushels! Traders are watching for more news on how many beans were lost in the blizzard that hit the Dakotas and northwestern Minnesota.