[Listen] Gordy Great week For Beans and Corn
What a week it was for beans and to a lesser extent corn. It seems like the market is realizing that much of the Midwest especially Iowa was dry in August. There is a lot of truth in the old phrase the bean crop is made in August. It sure helped this last week that there was at least one and many days more than one USDA announcement of a daily export sale. Last week China bought a lot of beans and corn.
The dry August was not good for the corn filling period either but traders seem to think that weather after pollination in July does not matter. That seemed to make corn more of a follower of beans rather that the leader. Then there was the derecho wind that hit Iowa, Wisconsin, Indiana, and Illinois. Traders still do not seem to think it caused that much damage but time will tell when we get into the corn harvest.
Click on the link and listen to Gordy talk about the market action last week. I think you could summarize the corn and market action last week as China buying and fund buying!