February WASDE tomorrow as well as Conab estimates

We started the week with mixed markets yesterday and we have mixed markets overnight just reversed. Overnight corn lost 2 cents and soybeans rallied 5 cents. Tomorrow, we get the February WASDE and Conab’s estimates for Brazilian production. We expect a decent cut to Argy production tomorrow but don’t expect much of a change on the domestic side as this report is usually not a big mover. If the USDA were to surprise us it would be cutting more corn usage either on the ethanol or export demand or possibly both. We expect them to kick the can tomorrow, but we will know for sure tomorrow at 11 am CST. Conab may bump production for Brazil a little bit unless they are holding onto concerns for S Brazil. For today, we will use 6.72 & 15.18 for support and 6.88 & 15.38 as resistance. NFC Grain Comments Options -2.7.23 (1)

Sign up for text alerts from NFC! Enter your mobile number to join: