More rains across the Midwest

More rains across the corn belt over the weekend has the markets selling off out of the chute on Sunday night. We don’t expect to see major planting progress on this afternoon’s crop progress report and while overall the rains will be beneficial to dry areas there is concern of big prevent plant acres in the N Plains as they battle excess moisture and cool temps right now. Basis is firming across the countryside in the spot market as the slow planting has end users wanting to secure product thru the beginning of harvest. Corn and soybean markets should remain supported as we are still in uncertain territory but we have had a big run the last few weeks and pullbacks are healthy. In July contracts, we are watching 7.95 and 16.55 for major support today. NFC Grain Comments Options -5.2.22

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