Have they let enough air out of the balloon?

The grain and oilseed markets have been on the retreat since the middle of last week. We think you are going to see some decent sized fund selling across the board in the next Commitment of Traders report. The question is what has them selling after some pretty bullish news over the weekend. The freeze event in parts of the SW over the weekend and the rumblings of G7 countries thinking of banning exports into Russia which would likely shut down the grain corridor. The winter wheat condition dropped another percent to 26% GTE remaining at historically horrible levels, but the market does not care. On the bearish side of things, planting progress is going well nationally but little to no progress in the north and China canceled 327k tons of corn yesterday morning. There is also rain forecasted for SW Kansas, Oklahoma and the Texas panhandle which will help drought conditions in that area but unlikely to help the wheat crop. For today, we will watch 6.04 & 14.28 for support and 6.15 & 14.50 for resistance. NFC Grain Comments Options -4.25.23