Some say it is hard to know the top of a market, but the funds think they’ve seen it and this Friday’s Commitment of Traders report is likely to show some abandonment. It is hard to drive a market any higher on benign weather and good demand. This is why there was no real volume in the market today, except in HRW, which was a liquidation move.  Export sales helped corn to a positive finish and China keeps loading up on new crop corn. Wheat sales were also good but with few soybeans to sell, it had to be down.

The weather outlook is a mix, with NOAA’s summer forecast indicating warm and dry in the west but vegetative friendly conditions for the heart of the U.S. growing areas. Some precipitation relief coming to...