Afternoon Grains

Corn and soybean futures continue to get beat up as we close the door on the month of February. For the month, May corn is down 51 cents, May soybeans are down 51.25 cents and May Chicago wheat is down 62 cents and that all happened the last 5 trading sessions. May corn traded right through the December lows at 6.36 ¼ and tested the 6.30 level. May soybeans dropped below 15.00 but are still above the January low of 14.76. Corn has moved into oversold territory and could be close to bottoming out for the short term, but soybeans and soybean meal still have room to run lower. If they can hold 14.76 and 465.20 in the May contracts buyers may have something to work with but below those levels 14.60 & 444.50 are possible downside targets. NFC Grain Afternoon Comments. (23)