[Listen] Ag Market Recap Beans Lower Corn Higher
It was a tale of two stories last week with corn moving higher and beans sharply lower. Corn was around unchanged for the week until the big gains we saw on Friday. Follow through Sunday night or Monday will be important as the nearby May contract closed about a penny above the overhead resistance at $6.42. It sure helped corn when China stepped in ad bought over 2 MMT of corn. There were daily sales announcements almost every day last week!
It was hard to see why beans were hit so hard last week given how much smaller the bean crop is getting in Argentina? Granted the fund were long and this is the time of the year beans see pressure because of the bean harvest in Brazil. The weather has been a little less than ideal but there is no doubt they will have a record bean crop! U.S. bean export sales have really dropped in the last few weeks which is not unusual at this time of year. Click on the link above and listen to Randy Tatge with Tatge Ag Marketing (filling in for Gordy) talk about corn moving higher last week and beans sharply lower.