by Joel Pudenz
of the Farmers Co-op
Corn was slightly lower today and down 8.75 on the week. A sale of 205K mt to Egypt was announced today. However, a private party’s estimate for corn acres revealed an increase of 1.5% over last month, putting weight on the market. With the dollar higher and concerns over Chinese rejections, corn is going to struggle breaking out of the 4.40 resistance level.
Soybeans closed 1.5 cents higher today to close the week ahead 38 cents over last week. Riding off momentum from strong export numbers, we go into the 3-day weekend with our eye on South America. Brazil and Northern Argentina is forecasted to get good shots of rain; Southern Argentina is projected to get less. Trade Tuesday will depend on what the weather brings.