Corn Lower Last Week Beans Higher
It was a disappointing week for corn after the previous week corn managed to close higher for the first time in 3 weeks. Corn continues to consolidate trading in a 10 cent range from $3.85 to $3.76 in the March. On the positive side corn did hold the upward channel line of support at the $3.76. Corn was trading higher Friday until the USDA released their baseline projection numbers for the next 10 years. That report projected 94.5 million acres of corn this year with a carryover of 2.7 billion bushels.
Beans gained about 12 cents a bushel last week and it was the second higher weekly close. However, beans sold off about 70 cents a bushel before recovering the last two weeks. The Phase 1 Trade Deal with China began on Friday so traders are paying attention to see if China books a lot more U.S. Beans. The downside is soybean harvest is picking up with a lot of beans available to the world market.