Market Report: Corn and Beans Start The Week Higher

Corn started the week posting gains of 5-7 cents a bushel. Export loadings were not great at 735,535 MT. That was larger than last week but lower than the same week last year. After closing lower for the past four sessions, it was nice to see a rebound. It was more than just a higher close but a bullish key reversal and that came with a higher dollar. Even more impressive was that the rally came with mounting harvest pressure. That tells me that farmers are very reluctant sellers and maybe the early yield reports in the eastern corn belt are not that good.

Beans closed higher, too, posting gains of about 7 cents. It felt a bit hollow after the big losses Friday. Export loadings were solid at 502,846 MT, up about 30 percent from last week and 7.4 percent from the same week last year. On top of that, the USDA reported an export sale of 240,000 MT of beans sold to an unknown destination. It just feels like the "market" feels that the bad weather in the East hurt corn more than beans and is anticipating better bean yields.