“It’s going to be pretty wet and soggy through the eastern belt this week,” Brian Grete, editor of the Professional Farmers of America newsletter in Cedar Falls, Iowa, said in a telephone interview. With projections for record U.S. corn and soybean output, “it’s going to be a long harvest season.

There’s no doubt about that. It’s just a matter of how many temporary slowdowns we have.”

Corn futures for December delivery rose 1.9 percent to $3.4025 a bushel at 10:19 a.m. on the Chicago Board of Trade. The most-active contract rose 3.3 percent last week, the largest advance since Aug. 15.

Soybean futures for November delivery gained 0.9 percent to $9.3075 a bushel. Trading was 43 percent above the 100-day average for this time of day, data compiled by Bloomberg show.

Eoin Treacy's view

A lot of good crop news is already in the price for corn and soybeans which have experienced accelerated declines over the last couple of months to return to test multi-year lows. This is an important area of temporary support and with record yields priced in, any news that might reduce the extremely positive outlook may help prices unwind deep oversold conditions relative to their respective 200-day MAs. 

Soybeans posted an additional upward dynamic today, suggesting an unwind of the oversold condition relative to the 200-day MA is underway. 

Corn’s upward dynamic countermanded Friday’s decline suggesting it may also be unwinding its oversold condition relative to the MA.