The overnight markets were slightly higher, making for the beginnings of a "Turn-Around Tuesday". Corn was called up 1-3 cents, beans up 10-12, and wheat up 2-4 cents.  Grains however did open lower and sold off from there in early trade.  Outside markets were infuential today as crude oil was almost $5/bbl lower on forecasts of TS Dolly missing oil facilities in Texas, and continued nervousness by speculative traders as Congress continues to push for a bill increasing transparency in Energy Markets.  They are focusing on the 'Over-the-Counter' trades done by banks and hedge funds that can conceal who is behind the trade.  This also pressures traders in the grains and oilseeds markets.  Funds were good sellers of 12000 corn contracts today, which drops the net fund long position by 100,000 contracts since the start of July. The funds were slight buyers of beans and wheat.  TS Dolly's rainfall potential should be viewed positively for Texas as they are very dry down there.  And, the extended track of the storm could affect our weather and/or weather in the Delta, as they are dry and need rain for pod-filling of soybeans.  The EPA is delaying a decision on the corn-ethanol mandate waiver posed by the Texas governor until the August Supply and Demand report.  If prices continue their lower trend, there won't be any need for a mandate waiver as feed prices decline, to the benefit of cattle and poultry producers in Texas.  That was thought of as bearish by the trade today.  Technically, December corn closed below $6.00/bu, and hasn't traded this low since April 1. Many in the trade figured for some kind of a technical bounce today in corn, but that didn't happen.  Will have to see if the bad close triggers any more fund liquidation. Maybe we can get our long awaited bounce in tonight's trade.

Have a good night!!!

Cory

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