Corn rallied 13 cents yesterday and traded above 5.00 for the first time since August.
Will we see some big flash sales? There are rumors of interest out of the PNW for corn, but will it confirm?
Soybeans reluctantly added 4.5 cents after corn extended its gains late in the day.
Soybeans broke through 13.00 this week and has tried to challenge the 13.18 area the last two sessions without a breakthrough yet.
Brazil remains dry and hot this week, but the north has rains in the 6 to 15 day forecast. Some farmers have stopped planting in the really dry areas as they wait for some moisture to continue.
Argentina remains dry and under stress across 75% of their growing region but have widespread rains forecasted for this weekend.
If these rains confirm look for downward pressure on prices as planting has stopped in dry parts of Brazil due to lack of moisture.
Support and resistance
4.94 & 13.01 for support
5.06 & 13.18 for resistance NFC Grain Comments Options -10.20.23