It was a very interesting watching the corn and soybean markets last week. For many farmers myself included it was a little frustrating too. There were some pretty big swings in corn and beans, both up and down. But, by the close Friday afternoon they were still in the range they have been in for a number of weeks, beans in the upper end and corn in the lower.
Probably the most bearish news was the lowest weekly export sales totals in a long time Thursday morning. On the bullish side was soybean oil rocketing higher pulling soybeans and even corn higher. Soybean oil was moving higher because of the big increase in the demand for biodiesel. Plus, the demand for biodiesel is expected to continue to increase a lot. Blending biodiesel with diesel fuel burns much cleaner and with a lot less carbon dioxide emissions too!
Click on the link and listen to Gordy talk about the market action last week.