Recession fears escalate commodity selling

The grain markets continue to move lower as recession fears have funds trimming long exposure in the commodity markets. So far this week, July corn is off 28 cents and July soybeans are down 87 cents on this capitulation move. The recession story is all good and fine to try and explain the move lower but the fundamentals remain tight with basis staying firm to higher across the belt. The weather forecast remains dry into July and the crop was put in late. The funds are getting out of their July longs but not rolling back yet. Corn OI is down 45K so far today and soybeans have lost 11K as well. Momentum is negative and we will need buyers down here at these levels to round out a bottom. We will be watching 7.52 & 16.05 in July for support and 6.65 & 14.25 in new cropNFC Grain Comments Options -6.23.22 (2)