Markets Get Hammered Monday

I cannot write what I really think about today's market action. All that hope we had to close out Friday was dashed today with corn closing about 8 cents lower. In the overnight session corn was about 2 cents lower, and that is about where corn opened this morning. During the day session it just kept getting worse. Export loadings were 491,879 MT, which was down 8.2 percent from the same week last year and that did not help. The USDA reported that Mexico bought 115,000 MT of corn for 2015-16 delivery. That did not seem to stop the washout nor did a Reuters report that China bought 32.6 million gallons of U.S. ethanol in October. That, by the way, was a record too that did not seem to help. Today on the air Gordy said it was likely the funds defending their short positions along with traders expecting a negative USDA report on Wednesday.

It was pretty much the same story in beans as they closed about 23 cents lower, wiping out most of last week's gains. Export loadings for beans were 1.721 MMT, which was down 22 percent from the same week last year. The weather in South America was pretty much unchanged other than a few light showers in the dry areas in Northern Brazil. Hopefully we can bonce back tomorrow on a contrary Tuesday performance. I am not holding my breath. Traders talk about contrary Tuesday only when we are higher on a Monday!