Overnight Commodity markets lower

After putting in another set of new highs for the rally in the corn and soybean contracts, prices have pulled back a little overnight. No major shift in the weather forecasts but China is on holiday until next week so that could be part of the weakness. The drought area continues to expand and now engulfs 64% of the corn area and 57% of soybeans. We are getting into a very critical time for corn development. In other bearish news, the EPA disappointed with its new blending mandates for biofuels for the next three years. The biofuels industry was looking for higher levels from the ones that were proposed earlier in the year, but they were close to those levels and that sent bean oil prices limit down yesterday. We will be watching to see how that market acts to end the week. For today, we will watch 6.13 & 13.40 for support and 6.28 & 13.80 as resistance. NFC Grain Comments Options -6.22.23 (1)