Old crop demand

Old crop corn and soybean contracts are grinding higher while new crop contracts are struggling to keep pace with them. Basis has remained strong in the WCB and the basis at river terminals that feed into the US Gulf have firmed up with China coming back in for corn in recent weeks. Weekly corn exports were disappointing at 527,720 MT, which was barely half of what was expected. Soybeans and wheat were near expectations. It appears that old crop demand will likely stay firm into the summer who will do most of the work, basis or futures? The Rosario Grain Exchange cut Argentina production to 23 MMT for soybeans and 32 MMT for corn which is below USDA’s new levels from Tuesday of 27 & 37. It has been a horrible year for the Argentinian Farmer. For today, we will use 6.52 & 14.85 as support and 6.58 & 15.30 as resistance. NFC Grain Comments Options -4.13.23