Corn moved lower during the week last week.  This lower movement was pushed along by better weather and less than bullish USDA report.  The supply and demand report that was released during the week last week showed very few changes for old crop or new.  Old crop carryout increased due to an increase in imports and a decrease in exports.  New crop changes were made in projected yield being lowered and some demand was adjusted as well.  The acres projected corn in the U.S. hadn't changed since the May report.  An acreage and grain stocks report is to be released Friday June 28^th and many traders expect the acreage adjustments to be made on that report.  Currently corn is still bidding under the July at Prairie Lakes coop.  The basis gained some strength at the end of last week, but soon the bids will roll to the next contract month.  Throughout the last few weeks the September contract has been trading 70-90 cents less than the July.  Last week the July contract lost 12.5 cents and the December lost 25.5 cents.

Soybeans also moved lower last week.  The August contract produced losses of 22 cents while the November lost 32 cents.  The supply and demand report showed very few changes from the May report.  The June report showed slight changes to the crush and exports which will allow for a larger meal export.  Next year supply and demand side of the report showed no changes since the May report.  Soybean planting progress is at the slowest rate since 1996.  As of Sunday June 9^th soybeans were 74% planted, and this week traders expect beans to be closer to 90% planted.  The November soybean/December corn ratio settled last week at 2.44 which is a new high.  This higher ratio will provide incentive for producers to keep planting beans even with the lateness.  Soybean basis also gained strength at the end of last week.