Funds flip back to long in corn on weather concerns.

Last week, July corn +35.75 cents, December corn +67 cents, July wheat +57 cents, July beans +78.75 cents and November beans +$1.38. The weather premium went back into the market quickly as the drought conditions expand across the corn belt last week. Money managers were quick to cover shorts in corn and add to their limited longs in soybeans. By the end of business on Friday, Funds were estimated to be long 30-40K contracts of corn and 110K contracts of soybeans. Weekend rains were better than expected in some areas, especially in IA but still over 50% of Corn Belt remains in extremely dry conditions. Weather maps do not show any possible relief until next weekend. We are all becoming weather experts again this year and a major problem besides weather issue, we have a weak demand story especially for corn. This means we are in a tenious spot and the elevator shaft down can happen any minute unless the US has a major drop in production. Time to be nimble. Protect the downside but leave the upside as open as possible. For today, we are using 5.88 & 13.25 for support and 6.10 & 13.75 for resistance. We are in new crop. NFC Grain Comments Options -6.20.23 (1)