Grain traders are still trying to digest the surprising USDA reports last Friday that showed a sharp drop in U.S. soybean acres and a rise in corn acres. That data pushed corn prices sharply lower and soybean prices moderately higher. Wheat was pulled lower by the big drop in corn prices. Significant chart damage was inflicted in corn futures, as the price uptrend on the daily chart was negated. Weather in the midwest U.S. now leans toward favoring the bears, as drier and warmer conditions over the weekend and in the coming days will benefit the crops. Historically, the first trading day for the grains after the U.S. Independence Day, which comes this Friday, is extra important. Grain price trends can be reversed or existing trends accelerate during the critical early-July timeframe. Stay tuned!–Jim