Old Crop Beans Down almost 60 Cents!

The Soybean Bulls have had it their way for a while but they got slaughtered today with soybeans down almost 60 cents a bushel in the nearby July contract. I read it was profit taking by the funds that started at 8:30 this morning when the day session opened. Then in the Export Sales the USDA reported net cancelations of around 600,000 bushels and the rest was history. New crop beans were only down about 20 cents. The pressure in beans spilled over and took corn down about 10 cents a bushel. Part of the pressure in the grains came from a dryer forecast for the Central and Southern corn belt. Unfortunately in the Northern corn belt we are still going to be cool but at least for a few days dryer. The close tomorrow will be important because we are at some key levels of support.