More Weather More Problems

The new weather models keep wreaking havoc on the grain markets. Corn and
soybeans are getting hit again overnight as some rain makes its way across Iowa. No
major accumulation but some verified rains and the markets concern over a biofuel
relief measure has caused a painful week so far for grain prices. A group of
Democratic congress members sent a letter to the EPA urging the agency not to touch
the biofuels mandate. This may take a while before we have a conclusion to this
topic. Weekly export sales were disappointing and well below estimates. So you can
add that on top of the selling pressure to start the day. The downside momentum is
mounting and the market is taking out all weather premium on what is fairly limited
rainfall in the areas that really need it. One would think the bottom is near unless
some follow up rains come in behind these storms but the market continues to push

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

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