Export sales and July option expiration tomorrow.

The closely followed weekly Drought Monitor report was released this morning. 64% of US corn acreage is under the D1 - D4 drought classification. There is no change in the narrative from prior weeks. This is the worst early summer setup since the data series started being compute in 2000. We simply say, “The worst early summer setup in modern history”. The prior week was 57%. At the start of April it was 29%. The breakdown by production ranking shows a bit of a concern.

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