Big bounce

Corn finished 5 cents higher yesterday and 13 cents off the new lows put out during the session. There were rumors that China was in for corn and sorghum yesterday which could have been the reason for the bounce. Corn had gotten into oversold levels so the market was looking for buyers down at these levels. Beans were higher from the jump on Monday night but could not push through 15.00. Bullish traders will need to see trade above 6.47 and 15.05 to raise sentiment. StoneX continues to raise its Brazilian estimates the now have soybeans at 154 MMT and corn at 130 MMT. These are the highest levels we have seen out there and are well above local estimates. For today, we will watch 6.22 & 14.76 for support and 6.42 & 15.05 for resistance. NFC Grain Comments Options -3.2.23