Thanks to the USDA Planted Acres Report it was a great week for corn and beans even though corn backed off going into the 4th of July weekend. The USDA said actual corn acres planted were 5 million less than the Prospective Plantings report the end of March and beans were 1 million less. That was really a shock to corn and soybean traders. The funds were a little long beans but were short around 300,000 corn contracts.

So, the funds were leaning the wrong way in the corn market and they began buying those short or sold contracts in a big way driving the corn market higher. I saw estimates that after the markets closed Thursday at noon they were still short around 200,000 contracts. In the background was a couple weather models calling for a high pressure ridge brining temperatures much above normal and rain much below normal.

The grain markets open again Sunday evening at 7:00 for the overnight session. Maybe the forecast will be hot and dry giving the funds a reason to continue to buy back their sold contracts?