War news has lost its luster
So far this week: December Corn +5.25 cents, November Beans – 4 cents and September Wheat +16.25.
News of fresh missile strikes on Odessa has wheat and corn higher in the middle of the night, but those gains were given back by the morning pause. The day session has some follow-up buying and the August soybeans ran to 15.80 at one point before finishing 48 cents from those highs. August is going into delivery next week so that has something to do with it but November closed 38 cents of its highs. We could see more pressure tonight as the Midwest temperatures peak the next two days before some milder weather sets in. The big question is whether traders will want to go into another volatile weekend short the grain and oilseed markets. We will get the answer tomorrow. For tonight, use 5.38 & 13.91 for support and 5.62 & 14.30 for resistance.