Okay Week for Beans, Disappointing Corn
It was another typical week in the corn market as there was not any bullish news that traders were talking about. Not that there was not very bullish news, it's just that the market does not think it is bullish. The basis all across the Midwest is very tight and even a positive basis in some areas. That to me indicates farmers are not selling or the crop is not there like normal to sell and there is good demand! Traders thoughts seem to be "short term supplies are tight but overall inventories of corn are considered ample."
It was a much better week for soybeans after being pummeled recently. Beans closed higher 4 days and by the close Friday beans had gained 23 cents a bushel. The technical picture looks much better than it did a week ago. With a lot acres of beans still in the field in snow plus, many acres in river bottoms under water or fields too wet to harvest, is the market starting to pay attention?