Chart action looked positive after MondayΆs action and even more positive through much of todayΆs session — but then selling reappeared and the December chart is now “inconclusive at best”, showing that we did break the downtrend line today, but it couldnΆt hold up and futures plunged right back below the downtrend line, closing on the lows of the day.

Tomorrow at 11 a.m. CDT USDA releases its June crop report and WASDE report (supply/demand outlook). WeΆll have a quick analysis, market reaction and any advice changes here by 11:45 or so.

Pre-release trade estimates are in. On average, analysts expect USDA to raise the 2013 U.S. production outlook modestly, to 14.13 million bales from its initial estimate of 14.0 million in the May WASDE. They also see USDA cutting the export outlook slightly, for an average ending stocks estimate of 3.28 million bales, up from 3.0 million in May.