Corn lost 4 to 5 cents a bushel last week on talk about an escalating trade war with China. However, corn did see a big victory Friday. Nearby May corn dropped well below key support levels early Friday morning. But, by the close May corn rallied back to close a penny and a half higher. In addition May corn posted a key reversal taking out the low and then closing higher! Corn was supported by the Buenos Aires Grain Exchange lowering the Argentina corn estimate by another 2 MMT to 32 MMT.

It was a tough week for beans as May beans lost about 21 cents new crop November lost 14 cents. Beans were down hard in the overnight session and early Friday morning. However, like corn beans rallied back to close only slightly lower. Friday it was all about China imposing tariffs on beans imported from the United States. Chine released a list of 128 U.S. products that may see a 15 percent tariff but beans were not on the list. Beans were supported by the drought in Argentina. The Buenos Aires Grain Exchange lowered their bean crop estimate another 2.5 MMT to 39.5 MMT.