Soybeans are still running the show
The soybeans continued the run higher trading above 14.50 a bushel yesterday before closing at 14.48 ¼. Soybeans are up 34 cents this week and up over $1 over 2 weeks. Overnight they added another 16 cents trading over 1460. We will see if funds want to keep buying up here otherwise we could get a decent pullback because this run should have shaken loose some bushels in the US if there are enough left to sell. Corn lost 1.75 cents but is up 9 cents for the week and appears to be in good shape. We are hearing that some domestic corn is being sold but basis remains firm out in the country even with the drop in ethanol prices. It has shaped up for an interesting end of the week. Look support at 14.28 on soybeans and 6.20 on corn.