Corn ended lower Monday as benign weather forecasts ease concerns about the U.S. crop. The market was lower throughout the session, and likely needs a weather scare to extend its recent rally. But forecasts call for average temperatures and adequate rainfall over the next few days. The crop is entering its crucial pollination phase in many areas, which goes a long way to determining a crop's yield. Technically, after the December contract failed to break through its May high on Friday, the market's upward momentum seems to be waning. One said that the 200-day moving average at $4.02 1/2 will be tough to pierce unless we start to have some serious problems with the crop. Crop progress report shows corn at 73% good to excellent, traders were expecting a slight decrease.
Soybeans ended mixed on Monday as old-crop contracts gained for an eighth straight session on tight supplies and deferred months fell due to weather speculation and some light profit-taking. You still have tight stocks, which is giving us the stronger up-front bean market, but at the same time harvest is not far away.
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