Corn and soybeans keep moving lower

Corn and soybeans added to last Friday’s losses in the Sunday night session. Open planting windows and recession concerns have them on backpedaling. Corn and soybeans are retreating to levels from early April during the run-up after planting intentions. This pullback has been bigger than expected in some circles but we have the May WASDE on Thursday and along with the first look at the 22/23 domestic balance sheet the USDA will be trying to quantify the many moving parts around the globe for world stocks and production. Could be quite a day on Thursday but for the US the balance sheets should look tight to start even with trendline yields because we have not trimmed demand yet. It has been concerning that there have been no export sales for a while and this week’s sales report could be soft. Look for more selling pressure this morning. Watching 7.71 & 15.99 in July. NFC Grain Comments Options -5.9.22 (1)