Big drop in corn conditions

Corn and soybeans are rallying to start the week. Big weekend rains in the upper Midwest did not put the expected pressure on prices yesterday. Yesterday, corn conditions dropped 3% which was 2% worse than expected and soybeans dropped 1%. We are starting to see some more flash sales of corn and soybeans so far this week with China and European countries in the mix. Some EU countries are relaxing GMO restrictions so they can import US corn to combat the lost production they have suffered. The USDA will likely have to lower yields at some point but any trim on Friday’s report will be minimal in our estimate. They may add some soybean acres from a resurvey of the Dakotas and Minnesota so ironically the soybean carryout may rise but that will be short lived unless the forecast for the rest of this month changes. For today, watch 6.15 and 14.08 for 1st support and 6.30 and 14.38 for 1st resistance. NFC Grain Comments Options -8.9.22 (1)

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