Markets Higher Monday

On Monday corn managed to get most of Friday's losses back, posting gains of about 5 cents. The EPA finally released the ethanol blending requirements, which requires refiners to blend 18.11 billion gallons of renewable fuels. That is a bit less than the current law calls for so I suspect their may be a lawsuit filed challenging the EPA. The USDA Export Inspections was not inspiring at 298,692 MT. We are 26 percent behind last year. The CFTC report showed the funds increased their short positions last week by 41,404 contracts to a net short of 99,808 contracts.

Beans also got most of Friday's losses back with gains of 7-8 cents. Beans had a good Export Inspections number of 1.835 MMT. So far this marketing year 19.969 MMT of beans have been exported. That is only 7 percent behind last year. The CFTC reported that the funds are now short 52,925 bean contracts. I read that Brazil has 81 percent of their bean crop planted, which is behind last year's pace. If the beans get planted late it can affect how many acres of second crop corn can be planted.