Corn took a while to break out of its downward spiral, trading lower while the other grains were working higher. Finally, spillover noncommercial buying reached the corn pit from stronger wheat and soybean futures, energy markets, and Dow Jones, allowing corn to finish modestly higher on the day. Holding Corn futures ended the day higher on Monday as spillover support from the outside markets, with higher crude oil and stocks, outweighed bearish drier weather pattern. USDA released their weekly crop plantings this afternoon showing nation wide plantings at 62%, vs. 70% last year. Illinois and Indiana still significantly behind with only 20% and 24% planted respectively.
Commodities other than gold rose broadly on Monday after a stock market surge fueled by shares of U.S. home building firms bolstered investor sentiment the recession was ebbing despite recent contrary data. U.S. crude oil futures jumped nearly 5 percent, recouping Friday's losses and coming within striking distance of the $60-a-barrel target eyed by market bulls.
Chris Spurlock
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