This is what the week 2 dome has to fight with regards to price determination in the market right now:

Massive rains that will last for a long time. A dome for a week after these rains won't be so bad. 2 weeks of dome needed to hurt the crop.

Day 1:

http://www.wpc.ncep.noaa.gov/qpf/fill_94qwbg.gif?1526306199054

Day 2:

http://www.wpc.ncep.noaa.gov/qpf/fill_98qwbg.gif?1528293750112

Day 3:

http://www.wpc.ncep.noaa.gov/qpf/fill_99qwbg.gif?1528293842764

Days 4-5:

http://www.wpc.ncep.noaa.gov/qpf/95ep48iwbg_fill.gif?1526306162

Days 6-7:

http://www.wpc.ncep.noaa.gov/qpf/97ep48iwbg_fill.gif?1526306162

Total accumulation

http://www.wpc.ncep.noaa.gov/qpf/p168i.gif?1526397762

ouch and 1/2   but these knee jerk reactions sometimes resolve them selves  already back to -7 and -38 so better

This is what the dome looked like on the last GFS.  Could be bullish at some point but rains in the rain gauge and almost a sure thing in the short term count much more than a speculative dome down the road.

gfs_namer_384_200_wnd_ht	gfs_namer_384_500_vort_ht
gfs_namer_384_1000_500_thick	gfs_namer_384_850_temp_ht

Crop ratings:

Corn actually went up +1%  GD/EX. Not a surprise considering how much rain fell in the key corn areas.

Beans went down -1% GD/EX, not a surprise considering MO/AR have missed all the rains and they grow more beans than corn. MO has 19% P/VP, which is what would have happened to other states if the huge rains did not come in the nick of time.

Cotton plunged more.......-4% in the GD/EX but +5% in the P/VP for the 2nd week in a row, with 26% of the crop in this category.  The TX/OK crop is doing horrible but also AL has 15% P/VP. Huge acres planted this year but the crop is just 38% GD/EX vs 61% last year.

Big rains in the north caused the Spring Wheat crop rating to soar +8%, to a near record 78% vs 41% GD/EX last year.  

http://usda.mannlib.cornell.edu/usda/current/CropProg/CropProg-06-18-2018.txt

dn 9 and 48 now    crazy stuff

Exports were outstanding for corn and beans......not so good for wheat:

https://www.ams.usda.gov/mnreports/wa_gr101.txt

Please understand Tariffs. Another possible $200 Bil on China.

Cotton didn't go limit down cuz of rain.

Price means nothing with no buyers.

This is crazy

I believe you bcb,

Am thinking that these must have been the lows with such an extreme panic type selling to prices that seem well below value..........but never thought we could have got down there so fast.

Rains from the last GFS..............though obviously, there is more going on as bcb mentioned.

Aren't these the opportunities that traders look for?  

yes especially shrewd little chinamen

 CORRECT... 2 weeks maybe .. and I said  so last   satuuday

      Last GFS 18z has impressive dome in week 2............so whats new.

This would usually be pretty bullish in early July...........but with so much rains in week 1, dry and hot weather for a week is not going to hurt those places.....some places that get 5 inches of rain, will want a week of dry weather 

gfs_namer_360_200_wnd_ht	gfs_namer_360_500_vort_ht
gfs_namer_360_1000_500_thick	gfs_namer_360_850_temp_ht