Market Update for May 12, 2017

Bob Burgdorfer says it's a weather market. (audio)

Corn closed higher for day, week; beans and wheat lower for day, week.

Crop report on Wednesday was big news for the day and then it was back to a weather market.

Trade will be watching to see how much planting gets done with weekend. Five year average for corn at that date is 70% and it's 32% for soybeans. Last week it was 46% corn planted and 14% soybeans.

CFTC report said funds were net long in Hard Red Winter Wheat.

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