I guess it could have been worse for corn last week, but it was still a major disappointment. We had a nice rally Friday and then Monday going into the week with the USDA acres report calling for about 90 million acres of corn in the United States this year. After seeing a nice rally Friday and Monday, corn began to work lower for the rest of the week. By the close Friday, December corn was down 3-3/4 cents. Even though Brazil's second crop of corn has just been planted traders are expecting another record crop which did not help corn last week.

Beans struggled last week, with the USDA calling for a big increase in soybean acres in the United States this year. I guess you could say losses might have been worse with traders increasing the South American soybean crop they are harvesting right now. For the week, new crop November lost 4-1/2 cents a bushel. Remember, the USDA will release the April Supply Demand report Tuesday morning at 11. We have already exceeded the USDA beans export sales for the marketing year. The USDA will have to increase bean export sales. That will likely be offset by increased production out of South America.

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