Pulling back

Corn and soybeans are retreating overnight adding to yesterday’s losses. Overnight corn is off 4 cents and soybeans are off 11 cents. March beans put out a high for the move on Monday and is moving lower for the second day in a row while corn touched 6.88 again in March yesterday. That has repelled the March corn contract 3 times so far. The bears are far from in control, but we must watch for corn below 6.69 & soybeans below 1520 for trend change. So those will be the downside levels we will watch and on the upside 1st resistance 6.88 for corn & 1542 for soybeans. Brazil FOB basis has gone negative so we will need to see domestic crush and export sales and shipments stay strong in the next few weeks. Mexico ditched its plan to outlaw GMO corn imports for animal feed and industrial use for the indefinite future so that should be supportive corn longer term. Just watch these downside levels as many have been waiting for a bigger move to the downside for a while now. NFC Grain Comments Options -2.15.23