A slight bounce today in all 3 markets as we head into a weekend and upcoming next week forecast that continues to show below normal temperatures. Funds were the big story this week as they sold with reckless abandon and could very well be looking to liquidate the remaining 75,000 contracts that they are long as the summer rolls along. Scattered showers have made wheat harvest hit and miss with so far, good yields and descent test weights.
The Chicago Board of Trade continues to tussle with lower growing degree units vs historically high yields with such cool temperatures. Crop conditions will be out Monday afternoon and it will be interesting to see if they start to drop with a few dry areas in Minnesota and Wisconsin popping up and lack of heat in every other state affecting conditions. Any guesses as to where the attached picture of corn was taken? How about Brazil!!
Scott
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