Markets Monday: Corn Higher, Beans Steady

Corn started the week closing about 4 cents higher Monday. It was pretty impressive after the higher weekly close Friday. The Commitment of Traders Report Friday afternoon showed the funds short about 236,000 contracts as of last Tuesday. That was, I believe, a record short position. So, there was likely some short covering Monday and I also read there was good commercial buying. Export loadings for corn were 804,499 MT. That was down 17 percent from the previous week but 9.4 percent above the same week one year ago.

It was a quiet day Monday as beans closed about unchanged. Since early March, beans have rallied almost 40 cents. The funds are not nearly as short beans as corn but there was still likely some short covering Monday in beans too. Bean oil continued to support the bean complex as India bought more oil and oilseed products than expected Export loadings were solid again at 715,186 MT. So far this marketing year we have exported 40.28 MMT of beans. That is now only 6.7 percent behind last year's pace.