Market Report: Corn Higher, Beans Lower Monday

Corn started the week with solid gains of about 3-10 cents. New crop December led the rally. Traders continued to ignore the forecast of rain early this week instead focusing on the 10-14 day forecast of hot and dry. Also supportive was rainfall totals that were lighter than expected over the weekend. Export loadings saw a good number at 66.8 million bushels. The dollar index was lower and that supported all the grains. Wheat prices are quite low and traders are thinking that as corn prices rally more of that "cheap" wheat will end up in feed rations.

It was the second day in a row beans finished in the lower half of the daily range, posting losses of about 4-9 cents lower. New crop November reached a new contract high at $11.86 before closing lower. Technically November saw a hook reversal lower on the charts. That may be a sign beans are running out of gas without more bullish news. Export loadings were not great at 136,506 MT.