Crops drying down fast but markets can’t rally

Corn, soybeans and wheat all posted losses last week and were not propped up by the hot dry forecast for the long Labor Day weekend. The crops are drying down fast and will likely trim yield with less grain fill/ test weight. The soybean market does not seem to be worried about the tight balance sheet and lower yield. We could be in a situation where the low river levels on the Mississippi are causing more concern on shipping delays and cost than production issues. A good rain bringing up river levels could bring price support. Russia and Turkey met over the weekend to discuss a reopening the grain corridor, but the markets really could care less right now. Southern Brazil and Northern Argentina got some heavy rain over the weekend which could be putting a little more pressure on these markets overnight. For today,

We will use 4.75 & 13.60 for support and 4.88 & 14.05 as resistance. NFC Grain Comments Options -9.5.23

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