Corn conditions start on the high side.

Overnight- Wheat is a little lower and corn and soybeans flat.

Horrible start to the month of June.

Corn lost 4 cents, soybeans 22 and wheat 5.5 after being 10+ cent higher in the overnight session.

Crude oil lost 2.77 per barrel yesterday on demand fears. Opec’s weekend meeting kept current production cuts in place into 2025 but it did not support the market.

This is the blame for pulling down the grain and oilseed markets.

Crude is down another 1.35 overnight so it has yet to find support.

1st look at corn crop conditions gave us at 75% GTE which ranks top 9 all-time for the 1st reading.

Not sure if the market has priced enough of this in yet.

Dec corn is close to the April lows of 4.59.

Nov soybeans are 20 cents away from their April lows of 11.46¾.

Bottomline

We have broken through major support and are searching for buyers to come into the market. Has the market done enough for now to price in current conditions? That is the question. Watch those April lows for the next level of importance on the downside. NFC Grain Comments Options -new (59)

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