Corn traders continue to debate U.S. weather. The bulls are talking about the recent extremes in heat and pockets of dry conditions. The bears are pointing to a mid week cool down and more heavy rains that are forecast to cover a larger portion of the corn belt, giving crops in several areas a much needed drink.
From what I'm hearing, big production states like Iowa, Illinois and Nebraska should see good rainfall totals. The question being debated now is what happens the following week and into the first week of July in regards to the ridge that looks to be rebuilding and specifically how it impacts the central to the eastern portions of the corn belt? Bottom-line, nearby weather concerns just don't seem to be enough to trump the negative headlines out of Washington involving trade talk. I suspect if the weather forecast for the later part of June and earlier part of July start showing increased heat and removing some of the moisture, the market will take more serious notice and will respond with additional weather premium.
Until then, I feel like it's going to be tough to get enough bullish interest to turn around the current bearish momentum. As a producer, I'm staying patient. As a spec, I like the thought of being a longer-term bull, so I will be looking to nibble a bit on the deeper breaks in price.