Crude and equities on the move higher while the $ drops.
Corn and soybeans were firm all day yesterday after some lower trade on Sunday night. Overnight corn was a little higher, but soybeans put on another 12 cents. There has been no real news for a big bounce higher other than the outside markets are trading much better compared to the end of last week. Add in a retreating USD and you have propped up commodities so far this week. We have a dry forecast to keep harvest rolling but the water level of the Mississippi River is getting worse. It is predicted to get to the 2nd lowest level ever around Memphis in the next few weeks. Barge traffic is low and expensive which will be hard on up front basis right now. Keep an eye on your local basis if you need to move bushels in the short term. For today, watch 6.72 & 13.64 for support and 6.96 & 1402 as resistance. NFC Grain Comments Options -10.4.22 (3)