Planting progress to slow this week

Old crop contracts were the winners last week while new crop contracts struggled with major fieldwork getting done across much of the Midwest. That will slow down this week as wet weather crosses the major growing areas for the next 7 days with some areas getting snow and cold temperatures. Does this put some support in the new crop contracts? Managed money added to modest longs in corn, now net long 27K contracts but they sold 21K contracts of soybeans dropping their net longs to 125K contracts. Still a major long but will have to monitor shifts going forward. We will get crop progress and wheat conditions after the close today. For today, we will use 6.32 and 14.62 for support in July and 6.39 & 14.78 for resistance. NFC Grain Comments Options -4.17.23

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