Rains finally hitting the MS River Valley

Corn and soybeans finished lower yesterday with soybeans taking the worst of it trading 23.5 cents lower. The soybean market closed strong last week but backed off yesterday after China President Xi was confirmed for a 3rd term and installed one of his allies as Premier. He also emphasized security in his opening remarks which many took as moving away from any dependency on the US. That being said, China took over 2MMT of soybeans last week and has been a big buyer of export soybeans as well. We still feel the soybean balance sheet will remain tight as the US is still selling soybeans even though the USD remains elevated and with strong crush margins we look for basis to hand in there as well. Corn continues to trade well even though USDA keeps cutting demand but they have not been able to keep up with production cuts so corn cannot move below 6.60. For today, watch 6.75 & 13.60 for support and 6.92 & 13.95 for resistance. NFC Grain Comments Options -10.22.22

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