Corn and soybeans are a little higher this morning as we move into the 1st trading day of November.
Fall insurance prices were set at 4.88 for corn and 12.84 for soybeans. Down 17% & 7% respectively which will turn into some significant payments especially in corn.
Soybeans have backed off from Friday’s gains but have found support at 13.00 yesterday in January.
Corn is hanging around the low end of its trading range.
We are watching the 4.76 level as significant support.
Soybean meal has also backed off last week’s highs but is still trading at higher levels.
USD is moving higher trading just below 107.00. The Fed is finishing up a 2 day meeting where they are expected to leave rates unchanged. We continue to see better than expected data, so the market is still concerned about a rate bump in December.
Support and resistance
4.74 & 13.00 for support
4.88 & 13.27 for resistance NFC Grain Comments Options -11.1.23