Rains ready to hit Argy the next few days

Corn and soybeans fell back to overnight as Argentina gets lined up for some rains should cover 60 to 70% of their growing area. This has everything on their heals this morning. We have been waiting for some good moisture down there to turn these markets, but will it signal a trend change in their weather or will it turn back to more of the same. If we do see more rain down there it would really help out their corn production more than soybeans. Turning to the domestic story, we got a surprise drop in production for both corn and soybeans last week that offset drops in demand at least for the short run. The issue will be if we do not see an uptick in export demand look for more trimming on the demand side so watch this going forward.For today, watch 6.67 & 15.08 for support and 6.77 & 15.32 for resistance.NFC Grain Comments Options -1.17.23 (3)