Tough Week for Corn and Beans

This last week is one I am going to remember for a long time. It was widely expected that the USDA was going to give us a negative report on Monday. However, it was even worse than we expected and it took corn down the limit. Corn lost about 50 cents a bushel last week before gaining about 10 cents back on Friday. Where do we go from here? Will it take into harvest before corn hopefully rallies back?

Actually the USDA report was slightly friendly for beans but with corn down the limit beans were under some pressure too. After the gains on Friday beans only lost around 12 cents a bushel last week. Even though a lot of the beans were planted late and the major theme across the Midwest is that they are short traders and the USDA are assuming a National average yield of 48.5 bushel an acre. Lets just say most farmers are skeptical?