Crop conditions did not drop as much as expected

Corn and soybean futures started the week higher yesterday but were lower overnight when the crop conditions did not deteriorate as much as expected. Soybeans dropping only 1% was the bigger surprise than corn down just 2%. Soybeans were off 11 cents overnight and were within 1.5 cents of closing the gap in November beans from Sunday night open. Watch that 13.90 ½ level this morning for support. The current forecast extends heat and dryness for the Midwest until the 11-15 day forecast. Turkey’s President is visiting Moscow to negotiate reopening of the trade corridor and it will interesting if that is even a possibility. For today, we will use 4.88 & 13.90 ½ for support and 5.05 & 14.10 for resistance. NFC Grain Comments Options -8.29.23

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