Thanks mcfarmer!

All I know is that the weather is not as bullish as it has been........but that could change. 

Expectations on the USDA acreage report out on Friday could dominate price action the rest of the week.

After the release, we could be limit up or limit down, depending on what it shows. 

I got out of most of beans last night and 3/4 of corn contracts with a pretty good profit. Market seems to have run out of steam and needs some more bull feed. I'm a bullish farmer but going to sit out for awhile and see what develops

Congrats bowyer!

I'm sure if corn goes to $5 and beans to $10 you'll be kicking yourself but based on history and the weather forecast and the current price, odds are higher for us to NOT make new highs.

The best time frame for highs to be in is now, especially when there was already a fierce rally from weather that kicked out a bunch of shorts and in corn, has the funds loaded long. 

It will likely take a dome of death in July or return of extreme rains over a large area for new highs.............or the USDA report coming out with a bullish surprise...........that can happen for sure this year.

The new weather pattern, if its going to become extreme is more likely to be the dome scenario with quite a heat ridge building in the N.Plains/Upper Midwest.

In fact, if it hadnt been so wet this year and if soils were on the dry side right now, the current weather maps would actually be bullish. 

But very warm/hot and less rain is bearish for awhile longer. 

Long corn and beans in the bin and field, so would LOVE to see $5 corn and $10 beans. Also holding on to a couple in the money dec corn calls. I'll jump back in with some contracts if they drive this much lower

While I don't disagree that we could see some downward action, I don't see how the highs could be in for the year for corn.  The USDA already took 3Mil acres off, I wouldn't be surprised if we don't see up to 10 Mil by time it's all over.  The overall crop is a month behind, so you have pollination running into late July, early August.  Then you have higher than normal potential for frost damage.  

So to put it all together, you have at best, average yield, on a smaller crop, that is a month or so behind.  

The path for corn right now is an obstacle course and these are significant obstacles.  

The way I see it, the only downside pressure corn has, is if beans drag it down.  Sure the weather is going to get nicer, but there is no catching up to normal.  

Exiting longs wise NEAR term decision.

Next anticipated daily low July 17 +/_

ADM and others will try to 'steal' the remaining stored grain by gradually widening the basis and assist price erosion.  You will read, "farmer had a chance to sell at 4.40" , and other such stories until old crop all in commercials hands.  That is when the next leg up starts.