July corn was trading 8 cents lower into 7:30 AM central time. Outside market forces look mixed with a firm equity market but weakness in gold and some strength in the US dollar. Yesterday's weather models were quite threatening but talk that overnight that one of the models shows a better chance of the high pressure ridge breaking down into later next week to allow rains to shift down to the central and eastern Midwest seems to be a factor which helped to pressure the market overnight. In addition, crop conditions are better than expected. Parts of Iowa, western Illinois and eastern Indiana and Ohio are in need of rains soon after a recent dry spell. The Midwest looks warmer and drier for the next week which could cause some stress to these areas. Topsoil moisture in Iowa is rated 7% very short and 37% short. The weekly Corn Planting report showed that a record high 96% of the crop is planted compared to 87% last week and 75% last year. The 10 year average for this time of year is 84%. The previous highest percent complete was 95% in 2000. The weekly Corn Conditions report showed that 77% of the crop was rated good/excellent compared to 63% last year. The 10 year average for this time of year is 71%. This was well above expectations. December corn closed higher for six sessions in a row and traded as high as 549 1/2 yesterday after a low of 499 on May 11th. Much warmer and drier than normal conditions of the past week plus a continued dry and warm pattern for much of the next week for parts of the Midwest has helped to support active buying from funds and speculators. July corn closed lower yesterday after first trading to the highest level since April 10th. Ukraine has finished planting for 4.5 million hectares as compared with 3.5 million last year. The COT reports as of May 15th showed Non-Commercial traders were net long 126,154 contracts, a decrease of 167,295 contracts since March 20th.