From Matthew Snell, Know-Risk Advisor:

We saw corn drop again yesterday from the bearish USDA report. We are up a little bit today most likely from profit taking with a bit of a risk off trade happening as a result of JP Morgan reporting a 2 billion dollar loss yesterday after the close. We will need to see some hot and dry weather to get a jump in the corn markets this summer.

With the corn prices dropping, don’t be surprised to see more acres switch to soybeans, which could be bearish for canola. We will be monitoring this closely.