Northern half of Midwest still dry

Corn and soybean markets continued to back off yesterday’s intraday highs that were new high-water marks for the weather rally. December corn stopped just short of 5.60 and November soybeans just short of 12.50. Some showers hit parts of WI, OH, N. IL & N. IN last evening but most of the northern half of the Midwest is still dry and the best chance for widespread rains is in the 11–15-day forecast. We will see if the market will remain concerned into the 3-day weekend and rally back to the highs by the end of the week. Conab raised Brazil’s corn estimate to 125.7 MMT and soybeans to 155.7 MMT. The USDA is much higher for corn at 132 MMT and they are much higher for Brazilian exports 55 vs Conab’s 48. For today, we will use 6.02 & 13.79 for support and 6.22 & 14.18 for resistance. For new crop contracts, we will use 5.36 & 12.18 for support and 5.60 & 12.50 for resistance. NFC Grain Comments Options -6.14.23 (2)