Brian Grete

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Non-threatening weather is reducing crop concerns and giving funds no concern with actively selling corn and soybeans.
August beans posted a bearish reversal Tuesday and basis plunged, hinting that a top may be in the works for old-crop beans despite tight supplies.
Forecasts offer hopes of cooler temps and decent rains over the 10-day window. The amount and coverage levels of the rains will be the key in the western Corn Belt.
Demand must tell traders when prices have dropped far enough since weather is seen as non-threatening for the bulk of pollination.
Recent purchases and USDA’s sharp increase in Chinese wheat imports don’t point to a record Chinese winter wheat crop.
Technical price action signals corn and beans have put in short-term tops, wheat is bottoming.
New-crop corn and soybean balance sheets will be traders’ primary focus.
Near-term price action will determine if the recent runup was a bull trap or the start of an extended, sharp price recovery.
Fund money flow is key to near-term price action as the market tries to sort out the delayed start to the growing season, weather and the potential impact to yields.
Price action in futures and basis signal at top is in place -- at least for now.