Last trading day of 2022

Soybeans continue to trade higher and filled the gap in March at 15.28 ½ followed closely or maybe led by soybean meal which is back near contract highs. The common narrative driving this rally is the drought in Argentina with them being the biggest export of meal in the world. Add some seasonal strength and lighter volume the last week of the year gives the bulls less resistance. For the month, beans are up 55 cents and corn up 12 and at some point soon one would think most of this news will be priced into the market by now. Even with a pullback in Argy production when you combine them with Brazil and even Paraguay the region will significantly outproduce last year and we have not seen greater demand from a year ago. Throw in the change of bigger bean acres due to input costs and this rally is a real head scratcher. Any ways let’s not miss this opportunity to lock in some profit. For today, watch 15.35 overnight high and then 15.46 for resistance in soybeans and 15.00 for support in beans. In corn watch 6.85 for resistance and 6.74 for support. NFC Grain Comments Options -12.30.22 (1)

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