Monday

Dry conditions fuel a Monday rally in corn to 617 1/4, plus 13 on the day.  Wheat up only 3 1/2 to 633 3/4.  Wheat for feed has a ceiling effect on corn and its really all dependent on how Russia keeps exporting and at what prices.  We could see an entirely different scenario after July 18 when Russia has a line drawn on the Ukraine, but that's a ways off and gets us well into the Brazil corn harvest/selling period.  Beans fade 13 3/4 after Friday strong close, 1372 3/4.  July rice squeeze still on, 1966 1/2, plus 64.  Sept is flat so those trying to pick the top of the spread have gotten slaughtered.  Switching to Sept moving forward in the financials, Dow gains 187 points, 34,389 and bonds leak 12 tics, 127.04.