Markets still digesting acres with eyes on weather

Crop conditions did not do improve like the markets expected on Monday night with the soybeans actually dropping another percent. Many market participants are having trouble reconciling the poor crop ratings with what they are seeing out their back window. Crops look much better than what the national and state rating are telling us. Now with that said, national corn yield will have to come down but the question is how much. Many think, including us that we are trading a 172-174 corn yield and wondering what the USDA will print next week. On the soybeans, the trendline potential is still there and with the lower acres the market needs to be close to 52 bushels per acre. Weather looks light on rain but temperatures look to be lower than normal the next couple of weeks. For today, we will use 4.90 & 13.38 for support and 5.05 & 13.68 as resistance. NFC Grain Comments Options -7.6.23 (1)