Good Close for Corn and Beans Friday
Corn prices began last week under pressure and continued until Friday. The last few weeks corn started the week lower and by the close Friday we were back where we began the week. However, last week we saw corn struggle most of the week. At one point Friday corn was almost 5 cents lower. But by the close Friday we were about 2 cents higher. That was a very encouraging turn around Friday!
Soybeans followed the exact same pattern as corn last week. Plus beans managed to close higher Friday too, after being lower all day until just before the close. The other highlight for beans last week was the weekly export sales report on Thursday. Export sales were at 2.2 million metric ton. In addition China bought a big portion of that total. Now, can we keep this small rally going and not open this morning lower? In the overnight session corn was 1 to 2 cents higher and beans were 3 to 4 cents higher.