Afternoon Grains

Open planting and better than expected rains in Brazil have markets down!

Global inflation and more Middle East turmoil cannot spark fund buying to start the week. Grain and oilseed prices dropped today after Iran sent a massive drone attack on Israel this weekend, but it did little damage as Israeli defenses took out 99% of the drones. Brazil’s weekend rains came in better than expected will be more beneficial for Safrina corn crop, but the soybeans were the contract that took more heat. Domestically, planters are rolling across the Western Cornbelt while portions of the Eastern Cornbelt need some more dry time before going full tilt. The pressure on the market did not do any technical damage so we could get a little better trade the rest of the week if we stay above 4.30 in corn and 11.55 ½ in soybeans which is today’s low. Watch your local old crop basis with planters rolling there will be less grain moving and if futures won’t rally then end users might need to push basis. NFC Grain Afternoon Comments. (39)

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