Market Report: Corn Firmer Monday, Beans Sharply Higher

Corn managed to post gains Monday of about 4 cents a bushel. The CFTC report showed the funds added 33,319 contracts to their short positions as of last Tuesday. So, they likely added more shorts going into the USDA report Friday morning. They got the perfect bearish report from the USDA and corn still closed firmer Friday and again Monday. You have to think they might start to cover some of those short positions because a bearish USDA report did not push corn lower!

Beans closed sharply higher Monday, posting gains of about 25-27 cents a bushel. Like corn, you have to think bean traders are also doubting the lofty yield projections we got from the USDA Friday morning. The NOPA Crush was reported down 1 percent from the same month last year at 143.72 million bushels, and beans still closed with big gains! On top of that there were no daily export sales announcements for beans. It sure is looking like the lows are in for beans too?