Quarterly stocks tomorrow

Corn and soybeans fell back overnight after posting slight gains yesterday. We are picking up rumors of Chinese soybean cancellations being the culprit for the break, but we are only down 10 cents, and we would expect more pressure on the market if that were the case. We have the September Quarterly Stocks report tomorrow morning. The analysts’ average guesses are 1.429 billion bushels for corn, 1.772 billion bushels for wheat and 242 million bushels for soybeans. Totals coming in below these numbers would be very supportive especially for soybeans and wheat. Higher numbers would not likely weigh on prices as much as one would think. There is really good support for corn around 4.70 and 12.80 for soybeans. Need to see a neutral to bullish report to round out these bottoms and start working higher. For today, we will use 4.74 & 12.84 for support and 4.88 & 13.18 for resistance. NFC Grain Comments Options -9.28.23 (1)