Off to the races!

Corn was up 32 cents and soybeans 18 cents yesterday as weather forecasts turn in
the US while Brazil corn production estimates continued to shrink. In the last week
Agroconsult, AgRural and Stone X have drastically lowered their Brazilian corn
estimates to the low 90’s with Stone X actually below 90 at 89.68 MMT. This news
ran the corn market higher on top of the new drier June forecasts and held it
overnight in the face of excellent initial corn condition ratings of 76%. Many think
this rally should be ending but the market does not have a good handle on acres or
what kind of dryness will persist in the Dakotas. We will need to see some timely
rains this month to keep this condition ratings high. We have not rationed any
demand on the corn side and it is debatable whether we have on the soybean side.
We are seeing lower crush numbers but may have to do with a lack of soybeans and
crushers giving up on chasing them. Brazil is flush with soybeans for export so no
demand there until new crop.

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

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