Mixed results overnight post WASDE

Corn, soybeans and wheat all finished higher yesterday after a neutral report across the board. USDA took some minor cuts to demand for corn and soybeans but were right in line with expectations. Both corn and soybeans tried to sell off after the release but found buyers at support levels and finished higher on the day. There was nothing in the report to scare managed funds out of their long corn, soybean and soybean meal positions. Overnight corn is down a penny while soybeans are 7 cents higher. Weekly exports sales for last week were strong for corn 1.170 MMT but soybeans were weak at 644,400 MT. China took most of the beans but was absent officially from the corn market but 308.3K MT went to unknown buyers. Rain chances for Argy this weekend and early next week before the forecast turns hot and dry again. The USDA cut Argy crops but not as much as some private groups or their own attaché in Argentina. This and the soybean tightness domestically may hold this soybean market up for the short term. Corn exports have looked better the last two weeks, but we need to see better shipments before we get excited about another run to $7.00. For today, we will use 6.72 & 15.10 as support and 6.88 & 15.38. NFC Grain Comments Options -2.9.23 (2)

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