Rains across the 40% of the belt before Tuesday’s WASDE

Corn and soybeans are a little higher this morning as rains move across Iowa, Illinois and Wisconsin this morning. 40% of the Corn Belt will get some rain today which will be slightly beneficial for the soybeans but likely too late for the corn crop. The crops are shrinking and we will likely see that sentiment from the USDA tomorrow. The problems on the demand side remain and low river levels will be tough on basis in the short term but that is all known, and we could see a neutral to bearish report and still see upward movement. We should be putting in seasonal low soon and tomorrow could be the trigger we need to start moving higher. For today, we will use 4.81 & 13.62 for support and 4.93 & 13.85 for resistance. NFC Grain Comments Options -9.11.23