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Market Recap and Closing Prices  It was a mixed session in the grain markets with the corn and bean spread coming back to earth after last Friday’s blowout. On the wheat side, they are still like your crazy cousin; they have a mind of their own. Corn - December corn futures took out the previous day’s high for the first time in 10 trading days, which may have spurred some additional buying into the final hour of trade. At the close, December corn futures were 14 ¼ cents higher settling at 507 ¾, right in the middle of our pivot pocket 505-511. If the Bulls can chew through our pivot pocket, we could see an extension back towards resistance near 520, which represents the area that the market broke down from following the bearish acreage report on June 30th. Soybeans - November soybean futures continued to retreat today, taking out the previous day’s low. The market eventually found support near the 200-day moving average near $13.33. At the close, November beans were 15 1/2 cents lower, settling at 1339 1/2.  If the market fails to defend today's low and the 200-day moving average (1331-1333), we could see a further retracement of the June 30th rally. If you recall, it was a big move, so there are some air pockets from that day. We see support below the 200-day moving average coming in from 1290-1295 ½. Wheat - September Chicago wheat futures gave back most of yesterday’s gains but found support near the 50-day moving average at 654 7/8. At the close, September wheat futures were 16 1/4 cents lower, settling at 658.  We remain optimistic on prices but need to see the market breakout above resistance from 670-680 to confirm our bias.

Updated Drought Monitor - Below is an updated look at the drought monitor VS last month.  Despite recent rains, drought conditions in many areas have not improved VS last month.

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