Higher markets overnight pre-report

Corn and soybean futures pulled back on Tuesday dropping 3 cents and 13 cents respectively. Overnight corn is flat and soybeans are up 10 cents. We have the February WASDE report drops today at 11am CST and we are looking for modest trims in US & World carryouts in corn and soybeans. The SA production is what will have the market’s attention. The USDA is currently at 139 & 115 for Brazil soy and corn while 46.5 & 54 for Argentina. All those numbers should come down but we expect the USDA to slow play it and wait for more data over the next couple of months for bigger cuts. The question is how the market reacts. It could be a muted reaction to the report but we do not see a fundamental change in sentiment with tough weather in South America and planting intentions coming in March. For today watch 6.25 and 6.42 for support and resistance in March corn and 15.26 & 15.92 in March soybeans. NFC Grain Comments 2.9.22 (1)

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