Markets: Corn and Beans Higher After USDA Report

Corn closed higher Friday after the USDA report at 11:00 am. Traders termed the report maybe slightly friendly. The market did not focus on the USDA numbers very long before it went back to the weather. News crop corn closed about 8 cents higher for the week. Weather will be the market mover as corn moves through the critical pollination period. It does seem unusual that traders are concerned about too much rain in July and not too little.

Beans were trading a little higher going into the USDA report. Traders pushed beans lower and then sharply higher after the report. By the time the dust settled beans were up 5 to 7 cents but slightly lower for the week. Bean traders are concerned about the wet weather like to corn traders. The crop condition report Monday afternoon will be watched closely. The Dollar Index is keeping beans in check in addition the China not buying a lot of beans lately. As with corn weather will be the major focus going through the rest of the growing season.