It was a very good week for corn and especially beans. Corn gained almost 20 cents a bushel and beans about 50 cents. Corn and beans were supported by strong export sales and not just to China but other Countries as well. The soybean crush was well above trades estimates plus there is the weather in South America. It has been very hot and dry and it appears end users around the world are getting concerned about the overall production in South America.

Then in the United States it seems like the market is beginning to realize the crop here is not as large as the USDA had projected. Plus, Brazil is importing beans from the United States. Not only did Brazil cut the taxes on importing beans they also changed their regulations preventing the importation of GMO beans. Why would they change the regulations so they could import beans from the United States if they did not need them? Click on the link and listen to Gordy talk about the Ag Markets this last week!

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