How much more down?
Corn and soybeans were lower yesterday, the second day after March WASDE. Corn carryouts grew while the soybean carryout is shrinking so we would have expected a better day in the soybean market. It was concerning that corn got some bullish news out of Argentina production and big export sales last week but still lost double digits. Now the question is did we take enough out of prices for now since we are back at levels not seen since last summer? Will the markets build back in some risk premium going into planting intentions and actual spring planting. We also have seen a pullback in the USD the last 2 days trading below 105.00. For today, we will be looking at 6.03 & 15.05 for support and 6.18 & 15.32 for resistance. NFC Grain Comments Options -3.10.23