Monday morning, corn saw 8 a.m. sales of 101,000 tonnes to Barbados, which was enough to suggest very light support. At 101,000 this sale was the smallest possible to make the 8 a.m. sales report, so it didn't catch large market attention.
There was little doubt at all fund buying was seen in the corn on Monday. Now the next question should be: Is this just a one day buy to start a new month and new quarter or if this is going to be a longer term short covering event for the funds?
Spill over selling continued again today in corn, which helped to post new contract lows. Soybeans consolidated within Friday's range on Monday as supply bears and demand bulls continued to do battle. Wheat saw another negative day as new lows were made again.
The macro story for price action in soybeans appears to be developing bullish potential. The high in 2012 was an “upthrust position,” which ended the bull market that started in late 2008 and early 2009. The decline/bear market,” from the high in 2012 ended the downtrend in 2015 with a spring.