Market Report: Corn Firmer Monday, Beans Higher

Corn did trade higher in the overnight session but gave back most of the gains in the day session to close a fraction higher. Weekly export loadings were good again at 50.6 million bushels. In addition, the USDA announced a daily sale of 191,000 MT of corn for the 2016-17 season was sold to Mexico. Traders pretty much ignored the good demand news, focusing instead at the impending harvest of, in their view, a record crop.

Beans traded higher in the overnight session but gave back some of the gains during the day session but still managed to close 6-8 cents higher. Traders were concerned about harvest delays that might cause a short-term squeeze with old crop supplies tight and very strong demand. There is no question there is a big bean crop waiting to be harvested. Export loadings were down from the previous week at 755,120 MT but still 50 percent higher from the same week last year. The dollar index was lower and energy prices higher, which supported all the grains.