USDA printed neutral to slightly bearish reports for corn and soybeans. They added
75 million bushels to the corn carryout and left the soybean numbers unchanged.
After the close of trading the new crop progress bumped corn condition 1% but left
soybeans unchanged. The front-end weather looks good this week and parts of N
Iowa and Minnesota have a good shot at another rain. Then the forecast turns hotter
and drier as we move into the 2nd half of July. The USDA still needs some work on the
demand side of the balance sheets with exports and domestic usage light in our
opinion. Look for supportive buyers on any pullbacks.
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