Grain Markets Commentary
Corn pushing through support.
Corn broke through the 475 area that has been providing support for two months. Now we will see if the bears have enough momentum to test contract lows at 467.75.
StoneX updated its production forecast for November. They bumped corn 0.2 to 175.5 and dropped soybeans to 50.3 down 0.1. The biggest take away is that USDA adjustments next week will likely be small.
Brazilian soybean estimates: USDA 163 MMT, StoneX 165 MMT and Cormier 160MMT. These will all be a new record by a good amount but need to get the crop planted first.
Fall insurance prices were set at 4.88 for corn and 12.84 for soybeans. Down 17% & 7% respectively which will turn into some significant payments especially in corn.
Soybeans are trying to move higher but need to move above 13.32.
USD is off a full point down to 105.75. It turned over after the Fed announced it left rates unchanged. We need to see it drop below 105 before getting too excited.
Support and resistance
4.71 & 13.00 for support
4.88 & 13.27 for resistance