Markets: Corn Sharply Lower Beans Hold Better

It was a tough day for corn today. Corn was higher in the overnight session and was higher this morning, There was no real bearish fundamental news today, The crop condition ratings were unchanged in Monday afternoons report. It seemed it was more of a money flow situation today. A couple weeks ago the funds were very short and now they are very long. There was probably some profit taking. Technically December corn posted a key reversal.

Beans were lower today but only down about 3 to 6 cents compared to big losses in corn. Beans were higher and at their highest level in a year this morning. There was probably some profit taking in beans too. The bears were pointing to a dryer forecast which they argue would be good for the crop. You can't dispute that but the real question is how much damage was done and how many acres did not get planted. This weather market will need more time to play out before we will know the answers to those questions.

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