Corn steady to up 1 cent
Beans down 1-2 cents
The May corn contract closed 3 cents higher Friday, settling at $3.70 ¼, and the December contract was 2 cents higher closing at $3.96. For the week, the May contract closed 9 cents higher, and the December contract closed 7 ½ cents higher. CFTC reported that funds are net short -257,965 contracts, increasing last week over 81,000 contracts. Should funds cover the position, it could give us a nice short covering rally into the planting season. The corn market is trading slightly higher on the overnight as spring planting concerns and the general belief that spring and/winter lows have been reached. The May soybean contract closed 10 ¾ cents higher settling at $9.09 ¼; the November contract was 9 ¾ cents higher closing at $9.42 ½. For the week, the May contract closed 13 ½ cents higher, and the November contract closed 12 cents higher. Beans rallied Friday following pork futures higher because of the second month of over a 5% decline in hog inventory in China because of African Swine Flu, and Chinese purchase of U.S. pork.
Don’t forget Ventures sign-up is still going on for this weekend. Hope to see you there! http://www.landuscooperative.com/news_release/ventures/