Market Report: Corn and Beans Lower Monday

Corn began the day session Monday under pressure and never recovered, posting losses of 6-7 cents a bushel. The theme coming from traders was harvest pressure as harvest is picking up in the southern corn belt. Traders still are not concerned about the wet conditions in Minnesota and Iowa. Export loadings for corn came in above expectations at 1.33 MMT. In addition, the dollar index was lower but all the traders looked at was harvest picking up.

Beans were under pressure from the open Monday too closing down about 9 cents a bushel. Bean harvest is picking up and even with all the rain in Minnesota and Iowa the forecast looks pretty much dry into next week. There continues to be a lot of talk about bean yields being much better than expected, like 5-10 bushels an acre.so traders are certain the USDA will raise the national average yield in the October Supply Demand report. Export loaders were called disappointing at 383,953 MT. However, the USDA did announce a daily bean sale of 240,900 MT of beans were sold to an unknown destination.