Crop Conditions Drop Again This Week

Grains finished mixed yesterday with a lot of back and forth. We have many factors
trying to push prices lower and a few trying to prop up prices. On the downside, you
have better rains, fund liquidation and planted acres moving higher. The bullish side
of the coin has dry/hot forecasts, drought conditions in many areas and
deteriorating crop conditions in major growing states. This will keep the volatility
rolling into the end of the month. Funds sold 22k corn and 34k soybeans on the last
report leaving net longs of 252k in corn and 107k in soybeans.

This can be looked at two ways: The funds are getting out to go flat and turn net short on good weather and
big acres or they have a lot of bullets if weather turns negative or export market
catches fire again this summer. Many balls in the air right now and we need to keep
an eye on the prize.

See attached report for more information on outlooks, technicals, and a current corn conditions map.

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