The gains were not large but it was the seventh week in a row corn managed to close higher. It seemed like corn was really trying to move higher last week and the bears, likely the funds would start selling and push it back down. The funds are not record short but they have a very large position at around {300,000] sold contracts. The longer range forecasts are talking about a high pressure ridge and hot and dry. Maybe that will be the spark we need?

Soybeans had a good week to closing at the top of the range ready to break out. The funds are long but only about 25,000 contracts. Beans have been supported by China buying beans from the United States and another month of a record NOPA Crush. The bears are talking about the acres report on June 30, 2020 and corn acres being switched to beans. Remember we also get the Quarterly Stocks Report on the 30th too. Typically the acres and stocks reports are market movers!

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