Corn Higher Beans Lower Last Week
Corn showed some signs of life last week breaking out of the trading range to the upside. The funds added to their short positions by almost 31,000 contracts as of Tuesday and still corn moved higher. The funds are short 276,203 contracts. That means if they decide this is not working and begin to buy back their short positions we may see a pretty good rally. It was supportive too that ethanol grind continues to increase. Plus, traders are talking about prevented plant acres in North and South Dakota!
Last week was not real encouraging in the bean market. By the close Friday beans at least remained in the current range they have been in for quite some time. China did buy a lot of U.S. beans last week but traders were not impressed because China bought a lot more from Brazil. Brazil is really struggling with COVID-19 and that may disrupt beans getting to the ports and shipped. The Fats and Oils report showed the beans crush in April was another big number at 182.4 million bushel. Very good demand for beans continues both in the U.S. and for the export market!