Lower crop ratings bump overnight prices

Lower than expected crop ratings for corn and soybeans moved markets higher overnight. Corn ratings dropped 5% from last week and initial soybean conditions were 6% below the 5 year average. Illinois conditions dropped significantly as the struggles were felt mostly east of the Mississippi River. The forecasts continue to trend wetter, so we need to be focused on taking some risk off the table on this corn rally and maybe some soybean hedges above 11.90, if you feel like you are short sold. In other bullish news, a dam in southern Ukraine that has the wheat market higher. For today, we will watch 5.92 & 13.40 and 6.10 & 13.58 for resistance. For new crop contracts, we will use 5.17 & 11.62 for support and 5.46 & 12.00 for resistance. NFC Grain Comments Options -6.6.23 (1)