It was a great week for corn and especially beans. It began with the USDA Crop Condition Report which is released by the USDA Monday afternoon after the grain markets closed. The corn and soybeans rated good to excellent dropped much more than the traders expected. There were also many daily export sales announcements by the USDA as China and "unknow" bought a lot of U.S. corn and soybeans.

We are in a weather market that seemed to begin with the drought in Iowa. Then there was the drench that hit many states in the Midwest. Then it seems like the drought has expanded, just look at the latest U.S. drought monitor and compare it to one 3 or 4 weeks ago. Plus, there was hurricane Laura that hit the Delta where 20 percent of the U.S. bean crop is grown.

Click on the link and listen to Gordy talk about the markets last week.