Quiet 4th of July?

Overnight- Corn and wheat slightly lower while soybeans are a little higher.

We have a mild weather forecast for the holiday weekend which will not give us any life to upside.

SovEcon raised the Russian wheat crop 3.4 MMT to 84.1 MMT so it looks like that crop is done shrinking.

Black Sea dry area is growing to +33% so the spring wheat could be under duress.

Argentina dryness will be affecting the winter wheat crop as well.

Heavy rains are coming back to the NW Midwest this week and early next week.

The silver lining is we have thrown about all the bearish news we can at the markets for now so a lot of it is priced into the futures.

Will funds try and press it or start to cover a little?

Bottomline

We are looking for light volume today and Friday due to the holiday so the funds could push it around a little bit. Have a good 4th and we will be back at it next week. Longer term forecast may force some risk premium back into the market. NFC Grain Comments Options -new (76)

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