On Friday, December corn futures were up 1 1/2, finishing at $3.68 3/4, and that is up 14 1/2 for the week.
November soybean futures added 3 1/4 today, finishing at $8.98 3/4, up 41 for the week.
A couple of positive inputs this week pushed the markets higher. First, early Thursday, it was reported that the Chinese were in the U.S. markets looking for soybeans. This news pushed bean prices up about 20 cents. Then, the USDA’s WASDE report was released at 11AM Thursday, cutting production for both corn and beans, with corn yield dropping from 169.5 bu./acre to 168.2 bu./acre and bean yields decreased from 48.5 bu./acre to 47.9 bu./acre. There were no changes to acres in this report.
The USDA did, however, increase 2018/19 ending stocks for corn from 2.360 billion bushels to 2.445 billion by decreasing exports. The 2019/20 ending stocks also increased slightly from 2.181 billion bushels to 2.190 billion.
For soybeans, they reduced 2018/19 ending stocks to 1.005 billion bushels from 1.070 billion bushels in the previous report. The 2019/20 ending stocks are now estimated at 640 million bushels, down from 755 million.
All in all, a pretty good week for prices. We continue to encourage people to use this rally to finish pricing Old Crop corn and soybeans, especially if it is on a Price Later contract.
Good luck to all of you college football fans this weekend. A big game in Ames tomorrow. Be safe and have fun.