Bigger acres weighing on prices

Corn and soybeans traded lower yesterday after the report finishing down 9.25 and 22.5 respectively. The USDA dropped yields in both corn and soybeans but added acres to both as well. The 100K acres added to soybean is not as much of a game changer as the 800K acres added to corn. We were already trying to deal with a high acre number and eventhough the FSA data in August pointed to more acreage many did not believe it would be this large. We need to see some better demand and prices are trying to find that demand. Ethanol market is strong, but exports are the key, and we are also dealing with MS river and Panama Canal low water issues. Hopefully, we will see some flash sales of corn at these lower prices. For today, we will use 473 & 13.40 for support and 4.85 & 13.57 for resistance. NFC Grain Comments Options -9.13.23