It was actually a very good week for beans. Beans closed right about on the highs of the week. Much more impressive was that beans have rallied about a dollar a bushel in the last two weeks. Plus, beans are at the same level as back in January before the COVID-19 pandemic and the crash in prices. Beans have been supported by the drought in Iowa and the dry weather in other states in the Midwest. Finally there was China buying U.S. beans in huge amounts!

Corn seemed to struggle all week. We would drop a few cents and then get back to about unchanged by the close. It seemed very discouraging but actually corn has rallied about 40 cents a bushel since we set a new contract low. Plus, we are only about 8 cents from the short term high and now the overhead resistance. China buying a lot of U.S. corn which was supportive, along with the drought. However, traders seem to think that dry weather after pollination will not affect corn yields.

In addition traders seem to have forgotten about the Derecho wind that hit Iowa, and other states. Click on the link and listen to Gordy talk about the markets last week.