Quiet Week for Corn and Beans
It was a very quiet week for corn during the Christmas holiday. Corn saw very narrow trading ranges all week. There just was not a lot of new news to move the corn market. There were still rumors of China buying corn but no confirmation with the USDA affected by the partial Federal Government shutdown. We did get the export loadings or shipments from the USDA last week as that report is required by law. Daily and weekly export sales are not required and we did not get them. Corn is being supported by solid demand.
Beans were drifting lower early in the week and pretty much got most of the losses back on Friday when beans closed 13 to 14 cents higher. There was speculation that maybe China bought more beans. However, over the weekend there was talk that the strength Friday was related to hot and dry conditions in Southern Brazil. In addition there were reports that beans that were being harvested in Mato Grosso were yielding less than expected. Finally there are trade talks scheduled for next week between the U.S. and China so there is some hope of a trade deal!