“Corn dropped to new contract lows today, pressured by falling energy prices and the higher dollar. August crude has fallen $30 from its mid-May highs and reached its lowest level since early March. The USDA quarterly stocks and acreage report is still 6 days away and private forecasters are not yet sounding the alarm on the shift in the Midwest weather pattern to hotter and drier conditions since soil moisture is very adequate heading into early July. Furthermore, another shot of significant precipitation is on tap through early next week across Kansas, Missouri and the southern halves of Indiana and Illinois. In addition, Brazil postponed their vote this week on raising the ethanol blend from 30% to 32% and no new date has been set. US weekly ethanol production came in just under the pre-report guesses and stocks were also slightly below estimates. Other news was absent today and the new contract lows was disappointing for the bulls after daily and weekly upside reversals last week that have now been negated. Export sales tomorrow morning are expected in a range of 600,000 - 1.3 million tons,”  according to The Hightower Report.