Cold temperatures supporting prices

This week’s cold temperatures will bottom out late week and over the weekend with many areas dropping below freezing. This will bring risk to sprouted crops in Kansas and Missouri as well as a slowdown in planting progress across the Corn Belt. As for progress, 8% of the corn crop is planted and 4% of the soybean crop is done which are both above the 5-year average but slightly below market expectations. This is slightly supportive, but the temperatures are the driving factor. March soybean crush was the biggest in 15 months at 185.8 mbu. Many plants had come off winter maintenance and we do have some of that new capacity online so look for firm old crop soybeans through the summer. For today, we will use 6.35 & 14.80 for support and 6.50 & 15.05 for resistance. We will be looking for levels to hedge more new crop on more extended rallies. NFC Grain Comments Options -4.18.23