August WASDE 11 am

Firm pricing continued yesterday as corn and soybeans are up 18 cents and 48 cents respectively so far this week. The big news of the day will come out of the August WASDE report at 11 am central today. We are looking for a slight cut in production for corn and soybeans for the US and a big cut for EU corn production. Those are the 2 big ticket items and then we will look for any surprises on the demand side but we do expect prices to fall back after the report and it just depends on how much. Obviously, this changes if there is some wild bullish surprise in the numbers. Weather forecasts have put more rain in the WCB next week with a little cooler temperatures as well. This should bring more pressure to the soybean market but with the conditions west of I35 it may be too late for much improvement. For today pre-report watch 6.18 & 14.22 for support and 640& 14.55 for resistance. NFC Grain Comments Options -8.12.22 (1)

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