Afternoon Grains

NFC Afternoon Grains July 24th: The last full week of July started out hot both in temperature and market volatility. As higher than normal temperatures start to move across the Corn Belt, Russia continues to destroy Ukrainian grain export terminals which pushed Chicago Wheat to finish limit up (60 cents higher) and will have expanded limits of 90 cents for tomorrow’s session. The wheat market will be watching overnight headlines out of the Black Sea and will pull corn along if the missile strikes continue to move the market higher. We will be watching the 573-574 area which houses the 38% retracement and 200 day moving average. If December corn can trade through that level, it might stand a chance at 5.93 where we would be advising more sales. Soybeans were 20 cents higher and while they have little vested interest in the Black Sea, they are receiving support from wheat and corn, but the soybean market is more interested in the weather. If the forecast stays cooler and wetter starting in early August, we will likely see soybeans pull back to the mid $13.00’s. For tonight, use 5.43 & 13.91 for support and 5.73 & 14.48 as resistance.

( NFC Afternoon Grains 1.27.21 (1)

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