Quiet Week for Corn and Beans
It was a very quiet week for corn prices last week even with the April USDA Supply Demand Report. For the week corn was up a half cent to down 2 cents. Corn was trading down about 4 cents going into the Supply Demand Report and rallied back to unchanged after the report. Traders do not appear to be concerned about the wet weather conditions and delayed planting. Their attitude is with today's equipment farmers can get the crop planted very quickly. There is a glimmer of hope for corn prices with the funds short 271,746 contracts as of last Tuesday.
It was pretty quiet in the soybean market last week too. For the week May beans lost about 4 cents while new crop November was down 5 cents. Soybean traders are talking about the wet weather and possibly some intended corn acres switching to beans this spring. So, wet weather and maybe corn acres being switched to beans is not friendly for corn process but it is bearish for soybean prices? It seems traders in the grains always talk about the bearish side and the bullish argument does not matter. As Gordy has said many times on KDHL that is just one thing farmers have to overcome in the grain markets!