We kickoff the week with Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., Fed Barkin Speech at 11:50 A.M., Fed Williams Speech at 12:00 P.M., Loan Officer Survey at 1:00 P.M., Dairy Products at 2:00 P.M., and Crop Progress at 3:00 P.M. Grain futures started out lower with soybean products reversing last week’s trend. The big Monday decliner was KC Wheat due to better than expected rain that fell across Western Kansas late Friday and early Saturday which diminished the drought. The July KC/Chicago spread to a 20 cent premium. Corn and soybeans followed suit with weakness. During trade this morning it seems that fundamentals may start to take hold.  The forecast of more Central US rainfall and a window to seed spring crops in the 5-10 day period. Ag Resources estimates that US farmers were able to seed 36-37% of their corn and 27-28% of their soybean crops through Sunday. Such a seeding pace is only slightly lower below the 5-Year average. Breaks in the market are now buying opportunities. Funds have been forced to cover shorts, but estimations on the street, has funds with a sizable short positions at 200-205,000 contracts. The USDA has their important May WASDE report this Friday. The report will provide the first field survey estimates of US winter wheat crop. WASDE also will update 2024/25 US balance sheets based on the March Seeding Intention report and release the first forecast of world 2024/25 crop production and balance sheets. The trade is based for a bearish USDA report based on the USDA’s reluctance to drop ’24 South American crop sizes to date with Brazil likely to harvest a record 167-169 MMT’s ’25 soybean crop. And another big Russia wheat crop will also be forecast. Again, getting back to managed money cutting the size of their CBOT grain short position due to Argentine corn stunt disease, historical flooding in RGDS in Southern Brazil, and expanding area of Black Sea dryness including Southwest and Central Russia. Although final crop losses will take weeks to decipher, the cuts are important and place more importance on the European/US growing seasons on growing export potential. Unfortunately weather forecasts stay dry for SW Russia/Ukraine and too wet for RGDS in Southern Brazil, which could bolster final loss estimates.More By This Author:U.S. Plantings & Weather Key. The Corn & Ethanol ReportFed Meets On Rates And Unemployment Ahead This Week. The Corn And Ethanol ReportEconomic Reports And Reality – Total Disconnect. The Corn & Ethanol Report