Grain Markets Commentary
More Pullback!
Corn, soybeans and soybean meal futures continued to back up today and are getting close or testing significant support levels. Soybeans dropped below 15.10 for a bit today but finished at 15.14 ¾ while corn did not test 6.75 and meal was not near 468.40 support level, but they are closer than yesterday. The Argentina forecast keeps getting wetter a week or so out and with some verification we should see some more selling. Soybeans & corn are still well above their pre- WASDE levels of 6.56 & 14.93 so there is more room just to get back to last week. Mexico did purchase 195K tons of corn for 22-23 so we are seeing some purchases with the lower dollar, but we will need to see more to get the usage bulls excited as most analysts are looking for more cuts to corn demand going forward. Let’s keep watch at 6.75,15.10 & 468.40 again tonight.