Crop conditions take a drop.

Soybeans are leading the grain complex higher this morning after lower crop conditions were released yesterday afternoon. After last week’s ratings did not drop as expected, many did not know what to expect but we did get the kind of drop we were expecting last week. We will not have the heat going forward but will likely stay dry for 2 more weeks. Will we still see major deterioration next week and will it matter to the market? What we do know is that the crop is shrinking but will it spook the market before next Tuesday’s WASDE? We have bearish factors on the waterways as the MS River and Panama Canal are at levels low enough to slow shipping which worries exporters. We need rain for the waterways as much as we do for the crops. For today, we will use 4.81 & 13.61 for support and 4.92 & 13.91 as resistance. NFC Grain Comments Options -9.6.23

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