Market Report: Corn Weaker, Beans Higher

Corn saw a quiet day of trading Monday, closing down about a penny. Pro Farmer reported a lot of variability in Ohio and South Dakota, however, traders discounted that news because we knew those states had less than ideal weather. They are sure when the crop tour gets to the heart of the Midwest the yields will be huge so the "fringe" states do not matter. Export loadings were large again at 49.2 million bushels.

Beans saw a nice start to the week, posting gains of about 11 cents a bushel. Strong export demand continued with the USDA announcing another daily sale of 4.4 million bushels of new crop beans sold to an unknown destination. It was another strong week of export loadings, which came in at 914,414 MT. That total was well above trade expectations. Monday beans saw the highest prices since July 21. It still looks like beans may have posted an early harvest low. Lets hope the Pro Farmer Midwest crop tour does not come out with a pod counts that would give traders an excuse to raise yield projections.