As we all know weather forecasts are fluid and we are seeing dramatic changes in the SW Plains. They no longer have a freeze event over the weekend as minimum temperatures have risen and there is now rain forecasted for the middle of next week. Obviously, this will have to be confirmed but the markets are paying attention
We have lower prices across the board. It will be interesting to see if a good rain will bring marked improvement across a wheat crop that has been struggling to put it mildly. The move lower to finish yesterday and overnight has done some technical damage and we will need prices to rebound otherwise both corn and soybeans markets will turn have a negative bias. Weekly export sales did not help as they were both soft for corn and soybeans. For this morning, we will watch 6.23 and 14.60 for support.