Better Argy Forecast could not break markets

The corn and soybean markets finished slightly lower today but traded fairly well considering the noon forecast put more rain into the Argentina growing regions (see chart). We would have thought the soybeans would have put in new lows, but they did not really even test those morning lows. We did have a lower USD and higher crude oil prices which may have helped with support but they did not get them to go higher. We must focus on Thursday’s WASDE report as there will be some position movement ahead of time, so we need to be ready to take advantage of any big moves this week. For tonight, watch 6.48 & 14.70 for support and 15.02 & 6.59 for resistance. NFC Grain Afternoon Comments. (6)