NFC Afternoon Grains

Lower but not low

After putting in new highs for the move in March soybeans and March corn ran up against stiff resistance at 6.88 for the 3rd time in a month and a half, both commodities turned lower. Everyone and their dog is looking for a big price drop in both corn and soybeans as the big Brazilian soybean crop and weaker corn demand have been top of mind for market participants since the turn of the calendar. Now we did get a lower move today with corn dropping 6 cents and soybean 11 cents in the front contracts, but no technical damage was done. Corn stayed above 6.72 and soybeans could not come close to 15.11. Bears will need to see closes below 6.69 & 15.05 for starters. Let’s watch those levels tonight. Resistance is at 6.88 & 15.42. NFC Grain Afternoon Comments. (2)