The weather market scare that pushed grain futures prices sharply higher in mid-June has now fizzled out. Weather forecasts for the U.S. Midwest have turned wetter and that’s bearish. The grain market bulls need the dryness pattern that is still in place in much of the Corn Belt to ratchet up a notch, and to include more heat, in order to revive grain prices. Corn, wheat and soybean market bulls have lost their near-term technical advantage. Late June and early July is a critical timeframe for the grain markets. At that time the existing price trends in the grains can be accelerated or reversed. Don’t be surprised if another weather market scare quickly pops up in July. Stay tuned! Jim Wyckoff