How low is low enough

Corn and soybeans are weaker overnight again as downward momentum wins out. Both new crop contracts have traded through psychological levels of 5.00 & 12.00 and old crop July contracts have moved below key support levels. It is hard to believe that we are sticking a fork in the crop already. We realize that there is significant worries that the US will be oversupplied and building a surplus with new crop production and the funds are obviously jumping on board, but the US is not even fully planted, and we are not through June and July weather yet. There should be some brighter days ahead pricewise, but it is hard to watch. Now, China cancelled another 272k tons of corn for this year. For today, we will watch 5.58 & 13.60 for support and 5.85 & 13.91 as resistance in July. For new crop, 4.90 & 11.60 for support. NFC Grain Comments Options -5.17.23