Hot weather cannot get a rally

Overnight- Corn, soybeans and wheat futures all lower overnight.

We got a slight pop on Tuesday with lower crop ratings but with the midweek holiday break traders jumped back into sell mode.

The weather was hot but there are continued showers in the NW Midwest and the longer-term forecasts look better for the ECB.

We do have the acres and quarterly stocks report a week from Friday that will be our next chance at a bullish surprise without a major change in the forecast.

Russia is getting a little rain which will stabilize the wheat crop but not add back in production.

China continues to suffer 110+ temperatures across the China Plain.

Bottomline

We may be looking at a soft ending to the week with July option expiration tempering any breakouts. Many are looking for ratings to drop again next week which could give us another bounce before next Friday’s reports. NFC Grain Comments Options -new (66)