Today, everything bled red except live cattle. Generally favorable U.S. weather overhangs the market until USDA’s Acreage Report is issued next week on 28 June. 

Nothing is tanking as much as wheat, with Paris now entering oversold territory and July HRS hitting a new contract low. Some warn that wheat supplies are not that clearly abundant. Russia controls the market, and it is a potentially troubled leader. The southwest part of Russia has historically had a moisture retention issue, and that becomes especially apparent in drought. Each time it has been dry, there has been a significant production drop off. The average production drop from the four previous similar dry periods is -23.4 percent. At this juncture, the crop is...