Crop condition report yesterday.
Corn rated 79% good/excellent. 83% in IL, 82% in IA. 65% a year ago. Very bearish.
http://usda.mannlib.cornell.edu/usda/current/CropProg/CropProg-05-29-2018.txt
CZ at major support, 412.5 which held on the first test this morning........so far.
Closing below that would make the charts look pretty negative and confirm yesterdays reversal lower and double top.
SX lows of 1030 so far.
If the dome on the 6Z GFS continues to look more impressive(right now its just an outlier) the grains can be saved. No dome and lots of rain on the 12Z GFS and it may be curtains.
CZ spiked all the way down to 410.5 and likely hit alot of sell stops but found some support/buying there.
SX low 1028.5 so far.
GFS out in an hour+
From yesterday:
Ethanol Futures Shift Lower Following Widespread Losses
Beans faring much better than corn (so far) today.
The crop rating of 79% gd/ex is surely not inspiring buying in corn.