More rain in the 7 day

Another down day for the corn and soybean markets as the weather forecasts continue to trend wetter with cooler temperatures. The initial rally from renewed drone attacks on Danube grain facilities could not hold Wednesday against the selling pressure from these US forecasts. Overnight, corn and wheat are slightly lower, but soybeans found some support as we saw the expected huge export sales number from last week. Exporters sold 2.72 MMT of soybeans last week and 456K tons of corn. New weekly weather maps show a lot of rain for the upper Midwest which is an area in great need of it. We do believe a lot of this has been successfully priced back into the market. For today, we will use 4.95 & 13.15 for support and 5.22 & 13.54 for resistance. NFC Grain Comments Options -8.3.23 (1)

Sign up for text alerts from NFC! Enter your mobile number to join: