Corn was limit up in July and soybeans added 33.5 cents. Corn led the way back up
yesterday after the China corn cancellation story had no merit or impact on the
significance of China’s overall corn imports. We are heading into the long weekend
today so anything can happen. We expect to see a significantly smaller fund position
in corn in this afternoon’s COT report. Most likely under 250K longs which would be
the smallest position since last December. There is some cold weather moving
across the N Plaines the next few days that have some concerned. The grain markets
have been overly volatile and they are just getting started. It will be a bumpy ride
into July but it will be full of opportunities.
See attached report for more information on outlooks, technicals, and weather updates.
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