Grain Markets Commentary
New highs then big break
Corn and soybeans jumped to new highs after Conab cut Brazilian production in soybeans and corn early yesterday morning but then turned lower with corn down 5 cents and soybeans down 20 on the day. Corn finished 21 cents of the daily highs and soybeans 59 cents. It has been quite a run and a big pullback should be expected it just had not come especially in the soybean run. Neither market is in danger of changing trend at these levels so sentiment remains friendly and the overnight market has bounced with corn up 5 and soybeans up 17. We will see what traders want to do going into the weekend with poor forecasts for Argentina the next week.