Overnight forecast a little drier

Corn and soybeans have rallied overnight with new crop contracts leading the way. This is in reaction to the overnight forecasts pushing rains for the Central Midwest farther out. December corn is putting out new weekly highs and November soybeans are bouncing off new lows put out yesterday but still are 15 cents below the 12.00 level that could give the market a little momentum to the upside. We will likely see a more negative Commitment of Trader’s report this afternoon but there should have been some buying to finish the week and see if we get a move even higher if this weather forecasts holds over the weekend into the Monday night open. For today, we will watch 5.75 & 13.19 for support and 6.02 & 13.40 for resistance in July. New crop contracts look for 5.15 & 11.63 for support and 5.31 & 12.00 for resistance. NFC Grain Comments Options -5.26.23