Market Report: Corn and Beans Start Week Higher

It was a great start to the week as corn closed around 10 cents higher Monday. New crop December closed at $4.30, which was the highest close since July 2015. The Commitment of Traders report showed the funds were long 150,000 contracts as of May 31. There is no indication of a high pressure ridge in the forecast but it is going to be quite warm and dry for a few days and that seemed to get traders attention. Export loadings were solid at 1.068 MMT.

Beans saw a good day Monday, too, with gains of 6 cents in old crop and over 20 cents in new. Monday was the first day November beans closed above $11 a bushel since July 2014! The funds are long over 200,000 contracts, which is a lot but I don't think it is record long. Export loadings were light at 98,378 MT but the USDA did announce a daily sale of 125,000 MT of beans were sold to an unknown destination for new crop. After the big drop Friday in the dollar index because of a poor jobs report it was about unchanged Monday.