[Listen] Gordy Ag Market Recap Corn and Beans Higher
There were a couple days last week when there were big gains in corn and bean prices and we did see a higher weekly close. So, it was a pretty good week but still frustrating. Watching basis levels around the Midwest and the demand for corn and beans it indicates stocks are tight. We may even run out of beans and maybe corn too. It sure seems like corn and beans should break out and run but that does not occur?
Weekly Export sales were very low and disappointing on Thursday and of course the bears talked about the lack of export demand. On the other hand maybe the commercials realize maybe they will not be able to source the corn and beans to export. Some of the bears also question if all the corn China bought can actually be shipped. Weather in South America is supportive as 40 to 45 percent of their second crop corn is in some stage of moisture stress.
Click on the link and listen to Gordy discuss last weeks action in the grain and livestock markets.