Afternoon Grains

On Tap: WASDE & Rain

So far this week: July Corn +1.25, July Soybeans +10.75, July Wheat +7.25, December Corn –8.25, November Soybeans +5.25.

We head into the final trading session of the week with the June WASDE on tap followed by a rainy forecast this weekend and into early next week. Looking at WASDE, the only bullish numbers to carry out will come from lower Argy production but those cuts are well factored into prices. So, estimates show growing over runs of grains as demand issues linger building carry outs for old crop and new crop balance sheets. It is hard to believe the USDA is ready to lower yield estimates this early and that takes away chances of a bullish surprise. A possible trump card would be the weather forecast shifting drier for the next week keeping a possible supply issue in front of mind for market participants. Overall, we are looking at downward pressure on prices moving into next week without some big surprises. Overnight, we will watch 5.95 & 13.50 for support and 6.16 & 13.72 as resistance in July contracts. For new crop, we will use 5.22 & 11.65 for support and 5.46 & 11.95 as resistance. NFC Grain Afternoon Comments. (17)