Oversold status for grains

FOR THURSDAY (7/21) We failed to get a grain bounce and we have been patient with July but the failure is really bad news with very oversold conditions. Forecasts showing less intense heat next week sent corn and soybeans lower on Wednesday, with corn setting contract lows in all months and soybeans tumbling near midday after trading higher in the morning. Funds were net sellers in the three crop markets for the second straight day. This week will be hot with highs of 100 degrees or more in Nebraska and western Iowa and mid-90s elsewhere in the Midwest. But the latest forecasts have highs dropping into the 80s on Monday, which should lessen the stress on crops. In addition, the latest 6- to 10-day (July 25-29) outlook indicates normal seasonal temperatures then. However, it also expects dry weather.