June WASDE 11AM Today

Corn and soybean futures were weaker early yesterday before rebounding off the
lows. Corn finished slightly higher in December and November soybeans ended 8.75
cents lower but 20 cents off the lows. Export sales were soft but not surprising and
were mostly expected. Wasde report today and the USDA has a lot of catching up to
do on the demand side of the balance sheet. Ethanol use and exports need to be
moved higher and the Brazilian corn crop needs to be cut significantly from their
current level. Even if the USDA slow plays it this month the market will move on and
go back to watching weather forecasts.

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

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