Profit taking and technical selling were the name of the game today amid bullish nearby weather. For the week, new crop corn ended down 1.5 cents even with a bullish USDA report Tuesday and continuing bad planting weather. New crop soybeans were down 3.5 cents for the week. Traders continue to look at the favorable extended forecast and that as of the planting intentions report due out next Monday, 60-65% of the nation's corn will be planted. Crude also contributed to today's lower prices as it settled $2.00 lower at $56.50 due to poor economic reports.
Corn basis took a hit this week with lots of producer selling into the rally during the middle of the week. China continues to buy old crop beans and that has kept the bean basis strong and nearby futures closed at $11.305 which was up 19 cents for the week. The excess rain has also caused problems on the Illinois River as water levels are too high to load barges.
Weather will be the dominant player over the weekend and should influence the Sunday night trade if the forecast changes to the wet side.
Scott Meyer
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