Grains: Higher For the Week

Are we starting a trend? This is the second week in a row corn and soybeans had a higher weekly close. Last week corn was up about 15 cents and this week one and a half cents, but that is still higher! Soybeans were up 17 cents for the week.The USDA Report on Tuesday was termed slightly friendly, the Export sales report Thursday was above trade guesses and crop estimates in South America are decreasing. Well, governments and private companies in South America are decreasing projections even though traders are not. Next week is the USDA Outlook Forum. The history is they always come up with huge estimates and carryover projections so we need to be aware of that. Looking out farther the Prospective Planting Report is the end of March. That can also be a market mover.