Afternoon Grains

Green on the screen!

After finishing up a mixed week, Monday proved to be surprisingly positive. We were not surprised by the soybean complex trading higher with better exports and weather issues in Brazil but the corn rallying double digits after putting out a new low overnight was a surprise. It was reported that Brazilian Maize futures were limit up today with weather and negative margins for corn with current prices has many concerned that 2nd crop corn acres are being switched to other crops. Mato Grasso could lose as much as 1 Mi Hectares of corn. Soybeans and cotton look to be the front runners but will know more in a few weeks. This could be the spark the corn market needs to get some price appreciation, but we need to be diligent and take advantage of these rallies as our carry out remains burdensome. For tonight, we will use 4.61 & 13.55 for support and 4.84 ½ & 13.97 for resistance. NFC Grain Afternoon Comments. (31)

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