It's a weather market. ...as usually it gets over bought...and sometimes oversold. The Trade is ignoring wet sub-soil moisture levels in both Argentina and S.E. Brazil. from torrential rains a short time ago. ...but rain is more important for beans than corn. The USDA report will be a kick in the ass for the bulls for both corn and beans. It is still going to be a huge crop for both corn and beans in S.A. Most likely the USDA will increase S.A. production on the 8th. Last week South American governments actually increased their production estimates. There is no drought in grain areas of S.A. ...just above normal dryness. ...but given the tight stocks...they are treating it as a drought. Both corn and beans could come crashing down quickly. The rhetoric of disinformation in the agricultural press is way to overtly bullish on purpose (as it always is). 7.60 is possible, but I would call that way overbought. Demand ultimately drives price (not supply)...and new crop corn demand sucks monkey balls. The only thing holding up corn now is the strong tight local basis. Corn and beans will correct themselves.