Corn especially showed signs of life last week breaking out of the range to the topside. Corn actually broke out on Thursday closing well about the moving average traders seem to pay attention to. Corn did set back a couple cents Friday but still was well above the moving average. In addition to the funds being extremely short the long range forecast caught the attention of traders. It is supposed to be warm and dry for the next two weeks. Plus it was the fifth week in a row corn grind for ethanol increased.

Beans remained range bound last week but that could be considered a victory. President Trump said there would be an announcement at a news conference Friday morning related to China and COVID-19. Beans sold off as traders assumed there would be tariffs and maybe another trade war with China. By early afternoon it seemed like maybe at least at this point there would not tariffs and another trade war with China and beans bounced well off their lows. By the close beans remained in the trading range. Listen to Gordy's comments on the following line.