Prices holding in

Corn and wheat are trading higher with soybeans a little lower. We got the USDA WASDE for April yesterday and they left corn and soybean carryouts unchanged while they added 50 million bushels to the wheat carryout after they dropped wheat feeding. They caught everyone off guard by not dropping corn and soybeans at all so these will likely be our carryins for the 23/24 balance sheets. Given what numbers were the markets have been acting fairly well. This tells us market participants think we are tighter than the USDA is telling us. We will be looking for hedging opportunities on any extended rallies. For today, we will use 6.46 & 14.85 for support and 6.58 & 15.05 for resistance. NFC Grain Comments Options -4.12.23