Enough already?

Corn and soybeans continue to trade softly as funds jump on thoughts of growing carry outs and demand issues on the corn side of things. The grain corridor was extended for 60 days but there are questions if shippers will take the risk of sending ships back into Ukrainian ports as Russia has not been consistent with inspecting ships in a timely manner. Weekly exports were dismal for corn with the China’s cancellation, but soybeans were better than expected with a chunk of new crop sales which is good considering we well behind pace. This down move has been quick and painful not to mention counter seasonal. We are looking for some selling exhaustion soon. There is zero risk premium in these markets and there is somewhat of a drier pattern coming so perhaps that will find some buyers. One would think there is value down at these levels. For today, let’s watch 5.45 & 13.30 for support and 5.72 & 13.58 for resistance. New crop contracts 4.92 & 11.59 for support. NFC Grain Comments Options -5.18.23