Is the smaller corn crop priced in?
Corn traded flat overnight while soybeans lost 14 cents after dropping 40 cents last week. We have a dry forecast for this week but demand concerns are keeping the market down. Wheat continues to try and carve out a bottom but cannot hold on to any significant gains so far. We see more trimming of corn production estimates from private firms as we close in on the September WASDE next week. Most analysts think the USDA will be slow to make major cuts and will slow play it into January but every so often they decide to rip off the band-aid so we plan to be ready for anything next Monday on the corn. Soybean production continues to be estimated near 52 bu/acre and we would be surprised if they change their current number much. For today, we will watch 6.54 & 13.90 for support and 6.73 & 14.33 for resistance. NFC Grain Comments Options -9.6.22 (1)