Corn and Beans Higher Last Week
Corn managed to close higher last week for the third week in a row! It was not what you could call a major rally as gains were only about 1-1/4 cents a bushel. But it was still higher and corn closed above the 100 day moving average in the March contract at $3.90. Friday was the first time that has occurred since last August! Export sales were disappointing at 24.6 million bushels. However, ethanol production increases to 1.083 million barrels a day. That was very close to record for monthly ethanol production!
Beans saw a weekly higher close too but not by much as March beans gained 1-1/4 cents. January bean options expired Friday and that normally brings some "game playing" into the market. Beans are being supported by a new Phase One trade deal with China. I read details are being worked out to have a signing sometime in January. I sure will be relieved when that is a "done deal." The Commitment of Traders Report was not released Friday because of the Christmas Holiday and will be released sometime today. It is going to be interesting to see if the funds are still really short corn and beans!