MN Broker Corn Highest Level Since 2012 Gordy [Listen]

It was an okay week even though corn and beans set back later in the week. How could you say it was a bad week when corn traded above $8.00 a bushel, the highest level since 2012 and beans traded right at contract highs? The war in the Ukraine seems like there is no end in sight so, it is anyone's guess how many acres will get planted or what will be produced? The corn bulls were encouraged Friday morning with the USDA announcement that China purchased around 1.3 million metric ton of corn.

It was quite disappointing that corn sold off Friday with that good news! But, corn was overbought and the huge rally and maybe in need of a correction? There was good demand news for bean traders too when the NOPA Crush number came in at an all time record for March of 181.8 million bushel. Including crushing plants that are not part of NOPA the total soybean crush was around 195.5 million bushel!

Traders are also closely watching the weather forecast in South America. The world market is counting on a huge second crop of corn. Brazil's dry season is starting early and there are also forecasts for an early frost which could have a big impact on total production. Click on the link and listen to Grody talk about the ag markets last week!