Market Report: Corn and Beans Lower Monday

Corn closed out the week Friday with a rally that was encouraging. It didn't last long, as we lost all of Friday's gains Monday. Export Loadings were neutral at 477,438 MT. That was 15.5 percent higher than the previous week, but year to date we are still 23.6 percent behind last year. So, while Export Loadings are picking up, we have a ways to go to catch up with last year. There was not a lot of news to move the market Monday. Traders think that even though harvest is winding down farmers are going to sell a lot of cash corn because of "logistical problems." That means farmers will have to sell corn because their on farm storage is full. Traders maybe have not realized that farmers do not have to sell even though they hauled some corn to the elevator.

Beans didn't do any better Monday, closing 6-8 cents lower. It, too, was a disappointing close after Friday's gains. Weekly Export Loadings had another great week with 4.037MMT that left the United States. The bean market action was described really well in the Peterson Market Commentary. "Expectations are that yield results have been better than anticipated, and in turn, this would suggest a chance for a rising carryout figure on the November 10 Supply Demand report." That is true in Minnesota, but exactly what was expected in the Eastern bean belt and how does that compare to the USDA expectations?