Lower crop conditions

A rough end to the month of July yesterday as weather, month end and technical selling converged ending in significant daily losses across the grain and oilseed markets. Overnight markets were mixed as traders looked for support in prices. Yesterday afternoon’s drop in crop conditions did not bring buyers to the market.The national corn rating is currently 55% GTE vs 61% LY, and the soybean rating is 52% vs 60% LY. We realize ratings do not go hand in hand with final yield numbers, but can we out do last year’s yields of 173.3 & 49.5 with conditions 6 to 8% lower than last year. We know demand is weak but if production continues to move lower this will bring back the buyers at least in the short term. For today, we will use 5.05 & 13.06 for support and 5.26 & 13.48 as resistance. NFC Grain Comments Options -8.1.23 (2)