Grain Markets Commentary
Big carry out= Big carrys Lower than expected jobs
Corn continues to grind lower and came within a tick of the contract low last night. The market thinks the USDA is close on their production numbers and is not expecting bullish news next week.
Soybeans on the other hand are trying to price in some weather premium. Brazil is struggling with hot and dry weather in the north while the southern border is dealing with too much rain/flooding.
Today’s jobs number came in lower than expected which the market is taking as favorable to no more rate hikes. The USD is adding to its move lower and trading down another 80 cents.
Support and resistance
4.68 & 13.20 for support
4.73 & 13.55 for resistance