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Friday, June 28, 2013

FC Market Commentary for June 28, 2013 Regarding USDA Report Recap

June 28, 2013

Quarterly grain stocks/intended acreage just released by USDA. 

CORN: quarterly stocks at 2.764 Bln, which was a bit lower than trade estimates;  acreage the surprise at 97.4 Mln, which was down just slightly from the March intentions. Either prevent plant acres are not being addressed yet, or the intentions number back in March was light. Either way, it is bearish new crop corn especially with non-threatening weather going forward. 

BEANS:  quarterly stocks at 435 Mln, which was slightly below trade estimates;  acreage was 77.7 Mln which was in line with trade estimates.

Bottom Line:  Old crop stocks on both corn/beans a little tighter than expected…..will support old crop prices for awhile longer. New crop outlook is bearish (despite planting problems in IA/MN) due to more acres and benign weather.  Believe them or not….the market will trade the data.

Jon Setterdahl
Farmers Cooperative Company

FC Morning Market Commentary for June 28, 2013

Good morning!

Overnight the corn and soybean markets traded in a narrow range on both sides of yesterday’s close – not a lot of excitement.

The USDA will give us all the action we need at 11am today.  Stocks.  Acres.  8 out of the last 10 quarterly stocks reports have a caused a limit move – up or down.  If there are surprises to be found today, they could be in the stocks number.  The acreage number will be disputed by traders minutes (or seconds?) after it is released but the stocks number will be somewhat fixed, simply telling us whether further demand rationing of old crop corn/soybeans is needed or not.

Opening Calls
Corn steady to down 2 cents
Soybeans steady to up 2 cents

Have a great day!

4th of July Fireworks Safety Tips

National Council on Fireworks Safety Offers Common Sense Tips for Staying Safe During New Years Celebrations : The National Council on Fireworks Safety

Next Thursday is the celebration of our country's independence - July 4th. During that almost time every county and town in America will have a sanctioned fireworks display - additionally, there will
be 10,000's of people igniting their own fireworks. Below is a list of fireworks safety tips from The National Council on Fireworks Safety to keep everyone a bit safer this year. 

Have a great and enjoyable 4th of July. Stay Safe! Together we can!
Please review the list of legal fireworks for Iowa  In Iowa, if a firework goes 'up' or 'boom' it is illegal (source KTIV)

Using consumer fireworks on July 4th is a tradition.  And it can be safe if a few common sense rules are followed, says Ralph Apel, the spokesperson for the National Council on Fireworks Safety. Consumer fireworks go through vigorous third party testing in China before being shipped to the United States.  But he notes, according to the U.S. Consumer Product Safety Commission (“CPSC”), there were an estimated 9,600 fireworks related injuries during the Fourth of July season in 2011.  Most of these injuries would not have occurred if the fireworks had been used under close adult supervision and if some basic safety steps had been taken. The National Council on Fireworks Safety offers these common sense safety tips for using consumer fireworks in hopes that injuries to consumers can be greatly reduced this season:

Know your fireworks; Read the warning labels and performance descriptions before igniting.
  • Have a designated shooter to organize and shoot your family show.
  • Alcohol and fireworks do not mix. Save your alcohol for after the show.
  • Parents and caretakers should always closely supervise teens if they are using fireworks.
  • Parents should not allow young children to handle or use fireworks.
  • Fireworks should only be used outdoors.
  • Always have water ready if you are shooting fireworks.
  • Obey local laws. If fireworks are not legal where you live, do not use them.
  • Wear safety glasses whenever using fireworks.
  • Never relight a “dud” firework.  Wait 20 minutes and then soak it in a bucket of water.
  • Soak spent fireworks with water before placing them in an outdoor garbage can.
  • Never attempt to alter or modify consumer fireworks and use them only in the manner in which they were intended.
  • Report illegal explosives, like M-80s and quarter sticks, to the fire or police department.
The National Council on Fireworks Safety urges Americans to follow common sense safety rules in their holiday celebrations.
The National Council on Fireworks Safety is a 501(c)(3) charitable organization whose sole mission is to educate the public on the safe and responsible use of consumer fireworks.  For a full list of consumer fireworks safety tips and a safety video, please
Contact:   Ralph Apel, Press Contact, at 913 579-4529

Thursday, June 27, 2013

FC Morning Grain Market Commentary for 6/27/2013

AM Comments 06/27/13

Thursday, June 27, 2013, 7:59 am
Submitted by: Dustin Weiner

Good morning!
Soybeans were higher last night while corn was steady to lower.  At 7:30 this morning the weekly export sales report was out, corn and wheat exports were friendly with corn coming in towards the top end of guesses while wheat was above the highest guess.  Soybeans were dead quiet on old crop, with strong new crop sales once again.  Overall this is viewed as slightly bullish.
With the USDA reports just over 24 hours away, today’s price action could get a little squirrelly as traders line up their positions.  The trade is expecting corn acres to drop by around 2 million acres with soybean gaining around 800k acres – so that is what is in the market already.  The projected stocks numbers (just a measure-up of the country as of June 1st) are expected to be down around 10% on corn from last year at this time and down just under 35% on soybeans. 
Opening Calls
Corn steady to down 2 cents
Soybeans 3 to 6 cents higher

Wednesday, June 26, 2013

FC Morning Grain Market Commentary for 6/26/2013

AM Comments 06/26/13

Wednesday, June 26, 2013, 8:08 am
Submitted by: Dustin Weiner

Good morning!
Another quiet night last night as the focus remains on the USDA numbers coming Friday.  Some commodities were weaker driven by a general risk-off mentality in global markets, energies are weaker, metals are weaker and the $US is higher.  This makes it difficult for our grains to rally.
The one good thing about this relatively steady/boring price action these past couple days is that it gives producers a chance to manage risk (read: sell) ahead of the report with cash prices still hovering around $7 for corn and $15 for soybeans!  New crop values are also holding firm with new crop corn and beans both about $5 and $12 respectively. 
Weather… still nothing to see here.  There are some cooler/wetter conditions coming in this weekend over the Midwest.  Overall U.S. weather still appears non-threatening in the eyes of the trade.
Opening Calls
Corn steady to 2 cents higher
Soybeans down 2 to 4 cents

Monday, June 24, 2013

FC Morning Grain Market Commentary for 6/24/2013

Good morning!

The corn and soybean markets are all lower this morning on better than expected rain over the weekend (further south than anticipated).  The outside markets are also helping the market sell off – the DOW is called down over 100 pts, crude oil is lower, gold is lower and the $US is higher, all negative in regards to money flow through our commodities.  Today could turn into a “risk-off” day.  Overall with what is happening with the Fed and with a potential economic slowdown in China – price action could generally drift negative.  If we get too down and dirty, broad spec liquidation could follow.

Weather forecasts currently look non-threatening but for maybe the first and last time in a while – changes to weather may not matter as weather could take a backseat because… The USDA reports on Friday will be the main input this week.  Waiting until Friday to see those numbers could mean a choppy trade for Monday-Thursday.  Friday is also the last day of the week, month, quarter and 6-month period – meaning the fund monies could go through an ‘evening up’’ process before Friday, aiding the lack of direction.

The spreads are the only thing rallying today (in this case meaning old crop isn’t down as hard as new crop).  This is reflecting the tightness in the old crop supply/demand situation and a general lack of farmer selling.

Opening Calls

Corn down 11 to 13 cents

Soybeans down 10 to 14 cents

Friday, June 21, 2013

FC Morning Market Commentary for June 21, 2013

Good morning!

The markets were mostly lower last night on follow-through selling from yesterday.  The one bright spot was nearby soybeans, trading a little higher this morning as cash soybean basis remains firm, strengthening spreads.

The outside markets rebounded a bit overnight (energy, metals, equities) after an extremely rough two-day stretch.  The funds were big sellers of commodities yesterday, selling 12k contracts of corn and 7k contracts of soybeans.  If they are in with more technical selling again today – it will be hard to push these markets higher. 

I hate to say it – but with the USDA reports in sight (1 week from today) this market could begin to appear directionless as traders even up positions and attempt to manage risk.  At 11am on June 28thtwo reports will be released that could dictate price action for the balance of the summer: quarterly stocks and planted acres.

Opening Calls
Corn down 4 to 5 cents
Soybeans steady (old crop) to down 7 cents (new crop)

Have a great day!

Thursday, June 20, 2013

Safety Tip of the Week: Safe Towing Practices

Often times when people are going to tow something, they too often don't think about safety. Below are some simple, yet very important, safety tips to consider when towing. 
  • Select a proper towing device.
    Don’t grab the first rope or chain that you find in the shop and use it as for a towing device. The
    towing device (rope, cable or chain) will be put under a significant pulling force or tension.
    Soil conditions and time or surface condition also need to be taken into consideration when choosing the proper towing device. If this device or a part of the device, such as a hook, breaks; the towing device suddenly becomes a dangerous projectile. A long towing chain designed to support the towed load is recommended over nylon ropes or cables. Chains will break at their weakest point so check welds and hooks prior to use. Serious, disabling injuries and deaths have occurred when a towing device failed.

  • Attach the towing device to the pulling vehicle properly. If using a tractor it is important to attach the towing device to the drawbar. Improperly hitching to anything other than the drawbar significantly increases the chances for a rear overturn.
  • Clear the area of unnecessary by-standers. Before starting to pull out the stuck machinery, clear the area of unnecessary by-standers and helpers. Ask these individuals to leave the area. 
  • Initiate the towing process with caution. Double-check all attachments to see that they are secure. If using more than one pulling vehicle, efforts will need to be coordinated carefully between all operators. Be sure that everyone is wearing their seatbelt and clearly communicate the plan with everyone involved in the process. Each operator should understand the situations that will stop the towing process. If using hand signals to communicate between operators, inform everyone of the hand signals to be used and what the motions will mean to them. When the towing process begins, apply power smoothly without jerking.
    At the slightest sign of danger, tractor front-end off the ground, slip in attachment of towing device, the towing process should be stopped and re-evaluated before continuing.

Remember, the safest way to pull a stuck machine is always to use proper pulling equipment in good condition, attach it properly, and apply power slowly.

Materials adapted from “Safe Use of Tow Ropes, Cables and Chains”, Maher, George, NDSU Extension.

FC Morning Grain Market Commentary for 6/20/2013

Morning Comments 6/20/2013

Thursday, June 20, 2013, 8:16 am
Submitted by: Kyle Lehman

Markets are sharply lower this morning after global economic data came out bearish. The Chinese PMI (purchasing managers index) is at a nine month low providing some fear in the market their economy isn’t growing as quickly as previous months. This has the dollar stronger (bearish for commodities), crude over a dollar lower (bearish commodities), and gold $70 lower (bearish commodities). Initial jobless claims came out at 354,000 this week 18K higher than expectations. Yesterday the market saw a boost from the Fed announcing it will continue to purchase govt bonds to help stimulate the economy and lower unemployment to below 6.5%, they will start to back off the amount purchased later this year with hopes of ending bond purchasing mid next year.
Weather is somewhat a nonevent with warm dry conditions expected to last into July. Above normal temps will help the late crop attempt to catch up in terms of growth but the market will watch extended forecast to see if this weather pattern extends to pollination.  

Wednesday, June 19, 2013

FC Morning Market Commentary for June 19, 2013

Good morning!

It was a painfully quiet trade last night on very light volume and narrow ranges.  This lack of news is taking its toll on what had been a wild ride for grains – calls this morning are all “choppy” and “two-sided”.

The weather forecasts continue to show a warm, dry finish for the month of June and into early July.  For now, warm and dry will be seen as a boost to crop conditions for both corn and soybeans.  In the short term for the corn belt the forecasts look warm and dry for the next week with a small mix of rain and isolated showers.

Later this morning a well-followed private company (Informa) will release its estimates on planted acres – remember the USDA graces us with their numbers on June 28th.  Hopefully this injects a little life into the market – one way or the other.

Opening calls
Corn down 1 to 3 cents
Soybeans steady to down 2 cents

Have a great day!

14-Day Precip History as a Percent of Normal:

Tuesday, June 18, 2013

FC Morning Market Commentary for June 18, 2013

Good morning!

The markets were mixed to a little higher last night on follow through from yesterday along with some friendly outside markets – giving the market a somewhat positive tone.  The news wires are pretty quiet which means we could see a choppy trade throughout the day session.

The weather forecasts remain non-threatening for crops which is helping keep a lid on new crop prices.  The strength in the market is coming from the nearby (old crop) futures. Domestic crushers have margin, whether it’s in poultry, dairy, ethanol or soybeans – they seem to be making a little money.  This is holding up the value of old crop corn and soybeans.

Based off of the planting progress estimate from the USDA there were around 2.0-2.2 million acres of corn left to be planted and 7 million acres of beans as of Sunday’s survey.  With the weather forecasts looking favorable for planting – the soybean number should shrink fast while the corn number will likely go down just a little bit, with a large percentage of those acres switching to soybeans or getting put into preventative planting. 

Opening Calls
Corn mixed
Soybeans 2 to 5 cents higher

Have a great day!

Monday, June 17, 2013

FC Afternoon Grain Market Commentary for 6/17/2013

Afternoon Comments 6/17/2013

Monday, June 17, 2013, 3:45 pm
Submitted by: Kyle Lehman

Markets were mixed today with corn trading higher while soybeans spent most of the day lower to finally close a penny higher (new crop down 13 cents). Corn planting progress will no longer be published so the market will shift focus to crop condition ratings. 64% of the corn crop is said to be in the Good/Excellent category vs 63% last week and 63% on average. The Iowa corn crop fell 2% to 50% G/E this week. The eastern corn belt has been the bright light this spring in terms of planting progress and now crop conditions (Ohio is 81% g/e, Pennsylvania 83%, and Indiana 73%).
Soybeans are said to be 85% planted this week vs. 71% last week and behind the 5 year average of 91%. Iowa soybeans are 77% planted vs. 60% last week. Only Michigan is 100% planted followed closely by Nebraska at 99%. Extended forecasts look dry until late this week when wet weather is expected to be scattered throughout the Midwest.

FC Morning Grain Market Commentary for 6/17/2013

AM Comments 06/17/13

Monday, June 17, 2013, 7:20 am
Submitted by: Dustin Weiner

Good morning!
Our markets were weaker last night on what appears to be ‘non-threatening’ weather.  Long story short there were dry areas that got a nice shot of rain over the weekend while some of the wetter areas (NW part of the corn belt) look to stray dry for the rest of the week.  Safe to say that from this coming weekend forward rains will turn into a bearish input….
This afternoon the USDA will release soybeans planting progress (expected to be in the upper 80%s) along with corn, wheat and soybean crop conditions.  This is the first look this year into soybean conditions, while corn conditions are expected to improve a % or two in the good-to-excellent categories.
The outside markets are mixed this morning, the $US is a touch higher, crude oil is also slightly higher while gold is weaker and the DOW is called higher.
Corn is 1 to 5 cents lower
Soybeans are 7 to 12 cents lower

Friday, June 14, 2013

FC Morning Grain Market Commentary for 6/14/2013

AM Comments 06/14/13

Friday, June 14, 2013, 8:12 am
Submitted by: Dustin Weiner

Good morning!
The front end of both the corn market and the soybean market was stronger last night – helped out by a continued lack of cash movement.   This lack of farmer selling keeps basis firm which in turn keeps spreads firm. 
Weather… looks pretty much the same as yesterday.  Rain this weekend and rain next weekend – potentially dry in the middle.  Hopefully the ‘break’ next week is long enough and dry enough to get the rest of the bean crop in the ground.  For Monday afternoon’s planting progress report soybeans are expected to come in at around 85% planted.  We are starting to turn the page on the weather story from ‘planting conditions’ to ‘crop conditions’.

Opening Calls
Corn steady to 5c higher
Soybeans 4 to 7 cents higher

FC Friday Safety Tip

June 14, 2013

This weeks FC Friday Safety Tips is regarding Tractors and Implements Safety Tips. Please follow all safety procedures and recommendations from the manufacturer of all of your equipment. 

Below is a list of safety tips we recommend everyone follow.
  • Keep tractor roll-over protection structures in place. If you have a tractor without one, get it installed today … and while you’re at it, buckle your seat belt.
  • Prohibit riders on tractor fenders, hitches, attachments or implements.
    Keeping a fire extinguisher on your equipment can prevent
    major equipment damage and minimize personal injury
  • Shield all PTO-powered equipment drive shafts, and keep kids at a distance from them.
  • Never start or run gas or diesel engines in an enclosed area without being assured of good ventilation.
  • Outfit tractors and farm trucks with fire extinguishers and first aid kits.
  • Never exit a tractor or truck without placing it in park or engaging the emergency brakes.
  • Never leave running power equipment unattended.
  • Check and maintain equipment, especially hydraulic hoses and electrical cables showing cracks or other signs of wear. 
Again, please refer to your manufacturers' guidelines and recommendations when it comes to safety.

Stay safe! Together we can!

Thursday, June 13, 2013

FC Morning Grain Market Commentary for 6/13/2013

AM Comments 06/13/13

Thursday, June 13, 2013, 8:40 am
Submitted by: Dustin Weiner

Good morning!
The markets were mixed to weaker overnight with our soybean complex slipping right in line with Chinese soybean futures which were lower last night on economic concerns in China.
The weekly export sales report was out this morning, new crop bean sales were solid – falling right in the range of guesses while corn sales were poor, both old and new.  Nothing for the bulls to chew on here.
Weather… the models are still calling for an “active” pattern over the next two weeks with thunderstorms moving in to the Western belt tomorrow night and leaving the Eastern Belt Sunday.  There are chances again early next week and then again next weekend for rains.  6-10 and 11-15 day temps are supposed to be normal to above normal.
Corn is steady to down 2 cents
Soybeans are down 3 to 7 cents

Wednesday, June 12, 2013

FC Morning Grain Market Commentary for 6/12/2013

AM Comments 06/12/13

Wednesday, June 12, 2013, 8:04 am
Submitted by: Dustin Weiner

Good morning!
It was choppy last night which wasn’t surprising knowing that the USDA will be giving us new S&D numbers at 11am this morning.  Traders are expecting slight decreases in carryout for old crop corn and beans.  For new crop they are expecting a reduced carryout projection in corn with a little wider carryout projection for soybeans.  Anything much different than that and the market will react accordingly.
A few facts on this June report – in the last 20 years the USDA has lowered corn plantings only 4 times.  Corn yields have also been reduced only four times while soybean yields have been lowered only twice.  This is likely due to the fact that at the end of June the USDA releases their actual planted acreage number, so they try to wait until then before making major changes. 
Weather… Rains coming across the WCB today as forecasted with a chance for severe storms with strong winds coming this weekend.  The trade is now focusing on next week’s forecast which is starting to look a little less active for IA, IL and NE.  Still some chances for rains but it looks like they could be limited in coverage – hopefully allowing for bean plantings to wrap up in many areas.
Opening calls
Corn 2 to 3 cents lower
Soybeans mixed, old crop up a nickel, new crop down 2 to 3 cents

Tuesday, June 11, 2013

FC Morning Grain Market Commentary for 6/11/2013

AM Comments 06/11/13

Tuesday, June 11, 2013, 8:20 am
Submitted by: Dustin Weiner

Good morning!
The corn and soybean markets were mixed last night with nearby futures showing a little strength while new crop futures hovered around steady.  Crop progress numbers from yesterday did not shock anyone, thus not giving the market a story to run with. 
The weather market is of course, not done – far from it.  Not only are we watching to see if/when the last of the corn and soybean acres will get planted but the trade will also start looking at extended temperature forecasts.  Temps in July could turn out to be the true driver of crop size and be the difference between $3.50 and $5.50 corn for this fall.
Tomorrow at 11am the USDA will be releasing their June monthly S&D report – showing us projected ending stocks for both old and new crop.  This will give the market direction – but it could pale in comparison to the June 28th quarterly stocks and planted acreage reports.
Opening Calls
Corn steady to up 2 cents
Soybeans steady to up 7 cents

Monday, June 10, 2013

FC Afternoon Grain Market Commentary for 6/10/2013

Afternoon Comments 6/10/2013

Monday, June 10, 2013, 4:14 pm
Submitted by: Kyle Lehman

Markets were lower today after weekend precipitation was less than expected across the corn belt. All eyes will be on the weather event mid this week which is calling for small amounts of scattered rain. Planting progress released this afternoon showed corn plantings across the US at 95% complete vs. 91% last week and 98% on average. Iowa plantings are seen at 92% this week vs. 88% last week and 99% on average. Wisconsin is the trouble state this week at 81% vs. the average of 98%. Three states joined North Carolina in the 100% completed category this week (Nebraska, Colorado, and Ohio).

Soybean planting progress is seen at 71% this week vs. 57% last week and 84% on average. Iowa is considerably behind the pace at 60% this week vs. 44% last week and 95% on average. Only Ohio is outpacing the average at 94% complete this week. The planting windows are narrow this week but should allow some soybean planting progress to continue later this week especially if this next system breaks apart or doesn’t form at all.


FC Morning Grain Market Commentary for 6/10/2013

AM Comments 06/10/13

Monday, June 10, 2013, 7:53 am
Submitted by: Dustin Weiner

Good morning!
The corn and soybean markets are all lower this morning on less than expected rainfall over the weekend and improved planting conditions in many areas.  The USDA’s weekly planting progress report is out later this afternoon – with corn expected to be around 95% planted while soybeans should be 70% planted.  I think I am most interested in next Monday’s planting progress – that should be the last progress report on corn and will give us a rough idea on how many acres didn’t get planted…
Other than that – not much going on.  The outside markets are mixed with the $US rallying while equities are also bouncing higher. 
Opening calls
Corn 7 to 10 cents lower
Soybeans 10 to 15 cents lower

Friday, June 7, 2013

FC's Friday Safety Tip

June 7, 2013

This week's Safety Tip is related to  preventing heat illness (often times referred to as heat stroke or
sun stroke or dehydration). As we move into summer this will be very important (although given the current weather it sure doesn't feel like it yet!)

This topic has increasingly received more attention in pro sports, but it is also very important for everyone to stay hydrated, regardless of the activity (a day at the park, farming, etc.) 

To prevent heat illness from happening, follow the guidelines listed below when working in the heat:
  1. Drink water periodically as you work—about every 15 minutes or so. Don’t wait until you’re thirsty. 
  2. Avoid caffeinated and alcoholic drinks, as they cause the body to dehydrate faster due to the diuretic properties of caffeine and alcohol.
  3. Wear lightweight, loose clothing and light colors that reflect sunlight.
  4. Save strenuous work for the cool times of day, such as early morning or evening.
  5. Take periodic breaks in the shade—don’t push yourself.
  6. Adjust gradually to working in the heat. No matter how young or how physically fit you are, you are still susceptible to heat illness.
By following these safety tips you should decrease the chances of experiencing any heat illness this summer.  

Stay safe! Together we can!

FC Morning Market Commentary for June 7, 2013

Good morning!

The overnight weather models displayed a wetter forecast for most of the ‘problem areas’ - Northern Saturday night are now a little wetter (.5” - 1.25”) and show 70-80% coverage.  This is not good for the planters that are desperate to start rolling again.  Most of the strength you will see from a weather report like this falls on the back end (new crop) portion of the market.  With corn mostly in the ground – the soybean futures will get the biggest boost out of news such as this.
Missouri into Southern Minnesota.  The thunderstorms that are projected for

Outside markets…  a slightly friendly (if that’s what you want to call it) jobs report has the Dow futures bouncing higher.  The $US was under big big pressure yesterday and looks like it could stay weak today which should give commodities (like corn and soybeans) a little strength. 

Opening Calls
Corn 2 to 7 cents higher
Soybeans 12 to 20 cents higher

Have a great day!
Dustin Weiner


Thursday, June 6, 2013

FC Morning Grain Market Commentary for 6/6/2013

Morning Comments 6/6/2013

Thursday, June 6, 2013, 7:59 am
Submitted by: Kyle Lehman

Markets have been quiet overnight with corn and beans trading steady to slightly lower. Rainfall totals for Iowa over the past 24 hours were scattered with spots seeing upwards of 2” while the majority ranged in the .5”-1” area. Weather models are showing the middle part of next week to be a touch wetter than previous estimates. The eastern corn belt has missed the recent rains which has allowed farmers in parts of Ohio, Indiana, and Illinois to continue planting progress of both corn and beans.
Exports this morning showed old crop corn exports of 4.2 mln bu. up from last week’s 3.4 mln. Corn is now at 91% of the USDA projection of 750 mln bushels. After net cancelations last week soybeans this week showed a net export of 1.8 mln bushels and currently stand at 99.6% of USDA projections. Soybean importers continue to purchase new crop beans with sales this week totaling 21.7 mln bushels.

Wednesday, June 5, 2013

FC Morning Grain Market Commentary for 6/5/2013

AM Comments 06/05/13

Wednesday, June 5, 2013, 8:14 am
Submitted by: Dustin Weiner

Good morning!
The futures markets were quiet last night with very little fundamental news to go off of.  The weather forecasts don’t appear to have changed much with rains today and rains this weekend.  Now – some of the extended models have turned drier, showing precip as maybe switching to below normal in the 11-15 day.  Of course, there are some out there who disagree with that…
It was a low volume trade yesterday and today could be similar to that – which means price action could be choppy.  Cash movement is light which is allowing the front end of the market to have a little strength while the back end slips. 
Opening Calls
Corn 3c lower (new crop) to 3c higher (old crop)
Soybeans 8c lower (new crop) to 3c higher (old crop)