Grain Markets Commentary
Post WASDE trade
Corn finished about 9 cents lower across the curve yesterday as the USDA addressed the lack of corn exports this year cutting 75 million bushels. Soybeans held steady around unchanged as they gained 15 million bushels in demand. Overnight the trade was firmer for both as the Rosario Grain Exchange dropped its Argentina soybean production to 27 MMT and that bounced the soybean meal market as well as the soybeans. Now we will need to see if S Brazil pulls down total production for Brazil. If we see that number 150 or lower, we could see some appreciation in new crop prices. For this morning, we will use 15.10 & 6.23 for support and 15.32 & 6.41 for resistance.