Big rains over the weekend

Overnight- Corn traded flat with beans and KC wheat higher and Chi wheat lower.

Big rains across parts of OK, MO and W IL put out totals of up 9 inches locally.

The rain missed a lot of KS wheat area leaving over ½ the S Plains wheat area stressed.

Relief for Black Sea wheat has been trimmed leaving 50% of that crop under stress as well.

Funds covered over 20K wheat shorts in the last report but are still short over 145k total wheat.

Both Chicago and KC July contracts peaked above the 200-day moving average and pulled back.

Need to see trade above this level to see more aggressive covering.

Wet weather will not get the markets worried about planting delays just yet but funds could make the difference if they decide to start covering corn along with their wheat.

Bottomline

Wheat will still be the leader which could bring some more buying to corn and soybeans. What how any setbacks trade, if we continue to find buyers on pull backs the markets have found good support longer term. Continue to keep your eye on local basis. NFC Grain Comments Options -new (43)