Insurance pricing starts today

The first month of 2023 is in the books with corn gaining a modest 1.25 cents while soybeans added 18.75 cents for January and now, we move into the insurance pricing month of February. In bullish news, the USDA attaché to Argentina lowered soybean production to 36 MMT tons down from 45MMT. This is the lowest estimate we have seen so far, and, in our estimation, it will be hard to get much lower until after harvest. Now is this the final straw for the soybean rally or will we get a little more pop since the US domestic balance sheet is so tight? For today we will watch 15.22 & 6.72 for support and 15.43 & 6.88 ½ for resistance. NFC Grain Comments Options -2.1.23 (1)