Corn has rallied $0.30 since Wednesday's crop report closing well over five dollars on a Friday and we explain why.

Grain futures are on the rebound with corn also gaining double-digit prices as value seems to be found in the short term after yesterday's bearish WASDE crop report.

Bearish data released by the USDA

Soybeans jump over $0.20 higher in the night session as crop ratings did not show the improvements Monday afternoon many were hoping for.

China stopped the decline in soybeans when its lows went on Friday, is a step in, and bought 10-14 cargoes of soybeans over the weekend and today. This has thrown support in the corn trade with December dancing with the $5.00 mark.

Rains showing up for the driest southern Minnesota and Northern Iowa area picked up good rain potential in the 6-10 day forecast. This caused soybeans to close lower on the week with corn giving up all its gains in wheat retreating sharply as well.

Crop losses in Russia along with revelation that the spring wheat crop is not improving, pushed wheat futures $0.50 higher on the session.

Follow-through buying in the Sunday night/Monday session had seen spot July soybeans and delivery trade up to $16 before retreating $0.30 as deferred soybean contracts also large overnight gains from last Friday's bullish USDA crop report.

It's been a long time since you saw soybeans sharply higher while the corn market went sharply lower.

Today we break down the Midwest weather and in Midwest along with expectations for Friday's crop report.