Crop Ratings Lower

Front month futures finished lower during the 1st day of the Goldman Index roll out
of the July contract into new crop contracts. New crop contracts kept some of the
gains from the Sunday night open. Focus is officially moving totally to new crop as
July in running out of time. After the close the new crop ratings were lower than
expected in both corn and soybeans. Corn lost 4% which was 2% more than
expected and the initial soybean rating was 67% with the market expecting 70%.
The ratings are a point of contention among market analysts but the bottom line is
these drops represent the tough weather across the WCB and N Plaines. We could
see a pullback off the overnight rally with more rolling out of July into new crop
contracts by the index.

See attached report for more information on outlooks, technicals, and weather updates.


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