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FRAMING THE RISK INTO HARVESTThe first half of June has seen sharp reversals in prices on expectations of more acres comingonline this summer, as well as improved chances of rain in the drought areas of the NorthwestGrainbelt. The next 30 days will most likely see just as many gyrations on weather, acreage andunderlying demand.Between June and harvest here are the key drivers we see for markets:Corn has seen strong export demand out of China in the past year and that, coupled withbig production losses out of South America, has helped fuel prices into the US growingseason. Drought conditions across a fairly wide swath of the US corn belt adds anotherelement of risk that could see prices move sharply higher or lower depending on weatherpatterns heading into mid-July. If timely rains materialize and yields are close to normalFBN expects prices this fall to be lower than what is available today. Recent strength in theUS dollar and a bigger Ukrainian corn crop could limit US exports at current values.Soybeans have fallen $2 below recent highs set back in mid-May. Uncertainty aboutbiodiesel and limited Chinese buying for the 2021 crop year helped take some of the airout of the hot bean market. FBN looks for more upside in the coming months on limitedUS acres and a return of Chinese buying. The tight stocks situation could grow worse withany minor yield hiccups this summer.Wheat faces an uphill climb to mount a strong export program as US values remain loftyand Russia/Ukraine should have big crops to compete effectively into Europe and theMiddle East. The dire crop conditions for US spring wheat, however, have us favoring morerelative upside here as compared to the hard/soft red markets. Substantial yield losses forthe spring wheat crop are nearly assured given the dismal crop ratings. Protein premiumsalso likely come into play this year on poor protein content in the SW Plains and limitedsupplies of spring wheat.