PF Tour yields lower than expected and hot and dry weather continues

The Pro Farmer tour released their final yield estimates on Friday with 172.0 & 49.7 which were lower than we expected when compared to the individual state results. Combine that with the warm dry forecast and that gives you the bullishness we saw last night in soybeans. The corn market did not have the same response because even though the crop has to be getting smaller the demand side is weak enough that traders are not concerned about the upside just yet. We expect there to be support

In the low 4.80’s. We will see how the early trade looks but we expect soybeans to be firm. For this morning, we will use 4.83 & 13.68 for support and 4.95 & 14.10 as resistance. NFC Grain Comments Options -8.28.23