January WASDE & Quarterly stocks tomorrow

We had back and forth trade in both corn and soybeans yesterday then they finished slightly mixed by the end of the day. Some decent price ranges yesterday as traders maneuver before the reports tomorrow. Open interest increased in both contracts yesterday. There will be a lot of data coming at us tomorrow and we will be focusing on domestic carryouts and South American soybean production. The current carryout estimates of 1.31 billion bushels for corn and 242 million bushels of soybeans does not get us overly bearish but it could be a “sell the fact” scenario as those numbers will not get the bulls excited either. We do need to factor that the old crop prices are still quite elevated historically so there is room to the downside in the short term without some fresh bullish factors which could be a bigger drop in Argy production than expected. For today, we will watch 6.48 & 14.76 for support and 6.64 & 15.01 for resistance. NFC Grain Comments Options -1.11.23 (1)

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