Early returns on Brazilian rains are disappointing
Soybeans have taken back much of last week’s losses as Brazilian weather has the market putting weather premium back in the market.
Corn is trying to follow along but is lagging behind and March needs to challenge the 50 day at 496.25 which was the high last week.
USD continues to move lower and is close breaking 103.00 level.
Funds are still long soybeans and meal and short corn and wheat and the markets are trading that way.
We have Fed minutes this afternoon and expect “higher for longer talk” and keeping more rate hikes if necessary but they will likely downplay future rate cuts.
Support and resistance
4.84 & 13.52 for support
4.97 & 13.71 for resistance
Brazil’s weather will dominate the next few weeks of trade as longer term damage will change the acreage makeup of their production for 23/24. NFC Grain Comments Options -11.21.23