Will we see any short covering before the report?

Overnight- Corn soybeans and wheat futures moved higher.

The corn and soybean markets have been brow beat for a month and a half now and need to be given some room to breathe.

We are looking for some short covering before the reports, but we also think the upside is limited until after the report tomorrow.

We also think the surprise move will be to the upside tomorrow, whether it is lower acres or lower than expected stockpiles.

Export sales were strong for wheat, decent for corn and weak for soybeans.

Expansive rains called for next week with the saturated NW Midwest looking at more heavy rains.

China does get a reprieve from the heat starting this weekend.

Bottomline

We are looking for a little bounce into tomorrow’s reports and see if we get some friendly news tomorrow. Considering the way corn and soybean prices have traded lately, we could see a rally off neutral to bearish news as well. NFC Grain Comments Options -new (72)