Where the heck do we go from here?

Overnight- Corn, soybeans and wheat futures are lower for new crop futures.

The acres and quarterly stocks report did nothing but give sellers more confidence they are on the right side of the trade.

Funds are estimated to be net-short 350K corn contracts, a record-short position for corn.

The weather forecast is not helpful either with rain hitting the ECB narrowing some dry areas.

There are also more rains for the saturated NW Midwest which will eventually bring down harvested acres and likely drop overall yield. It is just a question of when the market will realize it.

Black Sea remains dry while China is forecasted rains.

Bottomline

Friday’s reports were a bust for the row crop farmer providing only bearish news. We will keep an eye on the forecasts for any changes but with rains and normal temperatures forecasted for the 1st week of July there is not much for bullish news. NFC Grain Comments Options -new (74)