Corn was trading 3-6 cents lower for most of Monday before rallying back late in the session to close about a penny higher. New crop December closed above the 200-day moving average for the second day in a row. The dollar index was lower for the fifth day in a row and is at its lowest level since January 2015! This supported all the grains Monday. In addition, corn was supported by the dry forecast for Brazil's second crop of corn. Late last week and over the weekend it was very cold in Brazil and there might have been some freeze damage. Export loadings were solid at 1.159 MMT.

Beans followed a similar pattern to corn Monday, posting a sharp rally late in the day to close 10-14 cents higher. May closed at a new contract high while November saw the highest close of this calendar year. It seems like the market is trying to figure out just how bad the losses are in Argentina. They have seen continuous rains for a month when the beans are ready for harvest. Bean meal led the rally with gains of $9 to $13 a ton. Export loading for beans came in at 151,033 MT. That was not a real good number but year to date we are only 7 percent behind the pace in 2015.

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