WATSEKA – The week started off well for corn and soybeans, but Thursday ended up being the opposite of Wednesday.
Merrill Crowley of Crowley Commodities in Watseka doesn’t like the way the technical look but he doesn’t think that changes the overall picture just yet.
“The markets kind of scare the heck out of you before they seem to take off higher,” Crowley told The Central Illinois Farm Network Friday afternoon.
On Friday, corn ended up down another five cents while old crop soybeans were down 11 cents. New crop soybeans were around six cents lower. Crowley believes several factors caused these market moves this week.
“A fair amount of old crop corn was sold,” he said. “With the new crop corn, we’ve only got about five to ten percent sold.”
A three-day weekend is ahead of us and some light fieldwork has already begun in some places. Long-term, Crowley thinks we are still go to go back up but we may see some correction in the markets.