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Corn (July)

Fundamentals: Corn futures came out of the gates like a rocket Sunday night, but that optimism faded when we got more participation on the floor open. From the 8:30 AM CST open, July futures were down 23 ½ cents for the session. Just another prime example of why you must take the overnight sessions with a grain of salt. Yesterday’s weekly export inspections came in at 1,413,000 metric tons, near the low end of estimates. Crop progress was released after the close, which showed a 4% drop in good/excellent ratings, down to 72%. The biggest decline came from South Dakota, which saw good/excellent ratings fall 21%. Weather in this part of the country will continue to be monitored very closely. With the weather being