It was kind of a disappointing week for corn and beans but it could have been worse. Beans still held in the trading range while testing support but it was a different story for corn. This week corn dropped below support early in the week but the next day rallied back into the range. However, today right at the close corn faded and closed below support and outside the range lower. Technically I believe you need confirmation of lower closes early next week but corn is hanging on by a thread so to speak.

The trading this last week reminded me of one of the old phrases in the grain markets. Bears can hibernate for months but the bulls need to be fed every day. Another words we need bullish news almost every day. Well, we have not had a lot of new bullish news lately. Plus, the Southern part of Brazil has been getting rain now that the market has been fixated on while the rest of Brazil is still hot and dryer than normal. It did help this last week that the dollar is in a major selloff which makes our corn and beans cheaper on the world market.

 

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

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