NFC Afternoon Grains

Neutral and more Neutral

USDA released their February WASDE report and in a word they were neutral. They dropped soybean crush by 15 million bushels, and they cut ethanol grind by 25 million bushels. The only surprise to us was that they cut ethanol instead of exports. They left Brazilian production unchanged and cut Argy soybeans to 41 MMT & corn to 47MMT which was a little bigger than estimates but nothing to get the market fired up. We took the price action fairly impressive by finishing higher in both corn and soybeans. One would have thought the market was ripe for sellers with that kind of report. Now, we will have to watch tonight’s action to make sure there is no weakness but so far support has held pretty well. For tonight, we will watch 6.72 & 15.10 for support and 6.88 & 15.38 for resistance. NFC Grain Afternoon Comments. (22)