Market Report: Corn Quiet Monday Beans Sharply Lower Again

Even though it has been very hot in almost all of the corn belt, there has been enough rain on the radar to keep the bears in control. They could not take corn lower Monday as there was enough buying under the market, but we did not rally either. Export loadings saw another huge number at 51.43 million bushels. We are now almost caught up with last year's pace! It is not helping the bulls with the forecast into August being non-threatening.

It was another tough day for beans as beans were down 22-28 cents a bushel. That was at the lower end of the daily trading range. I read on Pro Farmer that the funds sold 14,000 contracts or 70 million bushels. Beans do have a great demand story going for it but is doesn't appear to be helping. Export loadings were another big number for this time of year at 25.75 million bushels. The bean crop is made in August and I just don't see anything that will turn beans around except a hot, dry forecast!