Beans to the Fifteens!
Soybeans popped after the USDA took a big cut out of yield and dropped harvested acreage 600K leaving us with a 200 million bushel carryout and it took a 93 million bushel cut in demand to keep it that high. On the corn side of things, the USDA came in right on the yield estimate of 172.5 bushels per acre and cut harvested acreage by 1 million acres moving the carryout to 1.219 billion bushels after they cut usage by 250 million bushels. Some think the usage cuts are too much and the USDA is trying to make the carry outs look better and time will tell if those cuts are justified. Overnight markets were strong until CPI printed higher than expected with food, shelter and medical costs led to the bump more than offsetting lower energy costs. The market reaction was negative with stocks, oil and corn and soybeans selling off. For today, we will watch 6.80 & 14.74 for support and 7.02 & 15.35 for resistance. NFC Grain Comments Options -9.13.22 (3)