Some weekend rains but forecast looks threatening

Corn and soybeans started the week on a higher note in the Sunday night session. It was not the explosive pop from last Sunday night but that did not end well anyway so a more measured rally should work better. There was better than expected rains this weekend but the overall weather situation remains threatening. The forecast shows heat and less than normal precipitation especially in the WCB and Southern Plains. Funds have continued to sell off long positions and have the smallest corn long since Oct of 2020. We will see if this selling continues with the current weather forecast. The dollar index is almost $2 off its highs as well. Watch the 604 level in December corn and 13.30 in the November soybeans for first support. NFC Grain Comments Options -7.18.22