Market Report: Corn and Beans Finally Higher

It has been about four days since we saw a higher close in corn, which gained 2-4 cents today. In the past few days, corn has lost about 25 cents. However from a technical point corn did post a bullish key reversal after dropping about 25 cents a bushel in the past few days. The key will be getting some follow-through Wednesday and Thursday. So many times the reversals don't mean anything as the funds come right back and sell anyway. Harvest progress was at 59 percent in last Monday's report so you would think it might be 75 percent by the end of this week. Maybe we can start the post-harvest rally?

Beans, too, had an up day after days of lower closes. Beans managed to close 4-5 cents higher. The 50-day moving average held support and we saw a little bounce. Harvest pressure should be nearing an end as by the end of the week bean harvest should be around 90 percent done. The weather so far has been nearly ideal for harvest. Maybe it is a good thing because we get all the harvest pressure over with in a short time. OK, I am trying to look at the bright side, slim as it might be!