Good Week For Corn and Beans
Corn gained 2 to 3 cents a bushel Friday to end a pretty good week. Corn gained about 8 cents. Since the low in December corn at 3.50 a bushel corn has quietly gained 34 cents! Helping the rally along the USDA announced a sale Friday of 5.1 million bushels of corn was sold to Vietnam for the 2018/19 marketing year. Wheat sure seems to be leading corn higher. I heard one market analysts say the best corn rallies are lead by wheat. I had never heard that phrase before but maybe it is true?
Beans had a good week to with gains of 16 to 17 cents. Maybe wheat is leading beans too? Wheat has rallied on extremely hot and dry weather in Europe and Black Sea Region. No one has mentioned it but if the wheat has been hurt in those areas, don't they grow corn, soybeans or some other type if oil seed like canola? While analysts are not talking about it maybe that is the real reason corn and beans are moving higher?