Pull back after bullish move on WASDE

Big pull back overnight after a bullish price reaction to the August WASDE Report on Friday. This is no surprise on the soybean side as they raised soybean yield to record levels and with bigger acres you would see record production if this yield holds. On the corn side, USDA dropped yield to 175.4 which put carryout down to 1.388 billion bushels so we will have to see if demand remains robust going forward if the USDA will find a few more bushels of carry out due to less demand but so far that has not happened. We are still watching for more EU export purchases to keep the export market rolling. Oil is off over $4 overnight and the USD index is up 55 cents and that obviously is not helping. Look for more selling to start the day as the market looks for a level buyers want to step in and round out a bottom. Today we are watching 6.18 & 13.96 for 1st support. Soybeans has the opportunity to get a little nasty the 200 day at 13.96 and selling below there could open up a run at the gap at 1349.5. NFC Grain Comments Options -8.15.22 (1)