Conab prints lower estimates and corn and beans put out new highs

Overnight- Corn, soybeans and wheat futures have pulled back overnight after yesterday’s rally.

Brazil is dealing with some hot and dry weather the next week or so.

Pair that with the lower estimates for both corn and soybeans from Conab and maybe this rally will remain supported.

Both corn and soybeans have rallied multiple days the last week or so and a slight pullback will not do any harm.

Domestically, the US is dealing with dry areas in the WCB and that will likely be a bearish weight on the market as we look for a speedy planting season if this pattern holds.

Will funds hold shorts all the way through planting?

Bottomline

Conab helped the markets yesterday, but have we run out of bullish enthusiasm?

It would not be the worst thing for a pullback to get back in balance. NFC Grain Comments Options -new (19)