Friday was on the quiet side relatively speaking with corn off 8 cents and soybeans
off 7 in the July contracts. This coming after a limit up day in corn on Thursday but
overnight came out hot with corn up 20 and soybeans up 24 cents with new monthly
weather outlooks for June looking hotter and drier going forward. This should be
supportive moving forward but will take some verification for prices to move
towards contract highs. We have hit a weather market and with prices already being
elevated look for big price swings in the offing. Funds trimmed corn longs for the 6th
week in a row cutting the net long down to 261K and they trimmed soybeans as well.
The good news is the market took it mostly in stride and the commercial short
positions came trimmed too. Weather is bullish for the short term.
See attached report for more information on outlooks, technicals, and weather updates.
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