Weekly Market Wrap-Up
Grain Market Commentary
Friday, May 11, 2018
by Ryan Zinnel, Account Representative
December corn opened the week at $4.19 ¾ and closed the week at $4.14 ½. Corn made new highs after Thursday’s report with Dec corn reaching $4.23 ¾ but closed down for the week. Today was a poor performance with nearby and new corn closing down 5 cents. Thursday’s report continues to show the tightness in the balance sheet leaving little room for errors in the growing season which should be supportive corn for the near term.
November beans opened the week at $10.35 ¾ and closed the week out at $10.14 ¼. Beans closed just below the 100 day moving average which is a poor close to end the week. China trade wars continue to stress the bean market along with more fund liquidation. We should see support at the long term 200 day moving average just above $10.00.