Corn started the week in a positive way, posting gains of 4-7 cents. Beans were sharply higher and corn probably benefited from spill-over support. Export Loadings were reported at 1,105,254 MT. That is a lot of corn that left the country in one week, and an increase of 11.89 percent over the same week last year. In the crop progress report that was released after the close, the USDA said that corn in good to excellent condition dropped 2 percent to 71 percent good to excellent.

Beans had quite a day, posting gains of 18 to almost 20 cents. Since last week beans have gained more than 50 cents a bushel. I read on Pro Farmer that the funds bought more than 12,000 contracts representing 60 million bushels. Beans were supported by widespread and heavy rains across the Midwest. In addition there is more rain in the forecast for this week. The Crop Progress report showed that only 3 percent more of the beans got planted last week to 90 percent planted. The good to excellent lost 2 percent to 65 percent good to excellent. Export loading came in at 178,094 MT about 290 percent of the same week the previous year.

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