6/6/2023 8:00 am

Corn is higher this morning on combination of drop in crop ratings and increase headline risk in the Russia/Ukraine war. Wheat market rallied sharply overnight after a strategically important dam was blown up last night in southern Ukraine.

The reservoir provides cooling water to the Zaporizhzhia nuclear power plant.

US corn G/E rating fell more than expected to 64% with huge declines in IL, IN, MI and WI. Now the weather maps do see some moisture for the ECB out toward early next week though the Euro model keeps Iowa dry.

Traders will be watching the midday weather maps closely.

Resistance remains at $6.14-6.20 in July and $5.48-5.50 in the Dec.

5/12/2023