Markets Monday Firmer

Corn had a moral victory Monday posting gains of about a penny. It was a moral victory because key support held even though the funds kept selling. Gordy said they kept selling but buying would show up and they could not get corn to go lower. Open interest keeps going up indicating the funds are getting even shorter. Export loading were up 26 percent from the previous week but were still not great at 373,618 MT. The USDA reported a big corn sale of 1.44 MMT sold to Mexico.

It was a similar story for beans as they were around 4 cents higher. The NOPA crush for October came in at 158.9 million bushel. Traders said it was "disappointing" because the average trade estimate was 161 million bushel. However, this was not widely reported but it was an all time record crush for the month of October. The USDA also reported a bean sale to China of 180,000 MT for 2015/16 delivery.