Lower carryouts but failure at the highs

Corn and soybeans opened higher overnight but finished unchanged to lower at the morning pause.

October WASDE showed lower carryouts which gave the markets a boost on Thursday but neither corn nor soybeans have been able to capitalize on the upward momentum.

Neither have breached Thursday’s highs.

Chicago Wheat on the other hand has continued to move higher.

Brazil remains dry and hot this week but could see rains in week 2

Argentina remains dry and under stress across 75% of their growing region but have widespread rains forecasted for this weekend.

If these rains confirm look for downward pressure on prices as planting has stopped in dry parts of Brazil due to lack of moisture.

Support and resistance

4.85 & 12.70 for support

5.06 & 13.00 for resistance NFC Grain Comments Options -10.16.23

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