Forecasts keep adding to the rain totals for the weekend

Corn and soybeans have lost $1 in a week as the driest areas are forecasted to have big rains the next few days. This has the market taking out all the risk premium it built in during the middle part of the month. It will be interesting to see if managed money has flipped back short faster than they went long in the corn market. We may have broken through prices where the farmer is willing to sell and maybe that will take pressure off the market short term. We also have a bevy of reports coming our way. We have acres and quarterly stocks tomorrow and July WASDE on the 12th in which a production cut is likely for corn and a demand cut as well. Soybeans could have their can kicked to the August report or later. Regardless, we will be in for more volatility the next 2 weeks. For today, we will use 5.23 & 12.58 for support and 5.53 & 12.86 as resistance. NFC Grain Comments Options -6.29.23 (1)

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