Sean Lusk at Walsh Trading said, “USDA’s 4 percentage point drop in the good to excellent categories reflected the impact of hot and dry weather in the western Corn Belt and gave futures a mild bump early in the week. However, forecasts calling for more rainfall than expected in early August put a damper on the weather rally this week. Upper Plains and western WCB areas of the US that have been the most affected by the hot and dry pattern are not unsalvageable on the whole, and it's that prospect in my opinion that is causing speculative liquidation. It's estimated that close to 50K contracts of corn have been sold back from the Managed Money funds since Monday. While condition ratings are not a perfect predictor of the initial yield forecast, markets will closely eye Monday’s Crop Progress report for clues to what USDA will release in the initial yield forecast on August 12.”