Rally back to where we started

Corn and soybeans have rallied back to levels they were trading before the July WASDE report. The kneejerk reaction to higher carryouts from the algo traders could not keep prices lower for very long. The USDA opened the door for more yield cuts in corn and the dry weather forecasts for late July/ early August has soybean yields in question as well. That 300-million-bushel carryout can shrink quickly with such the low planted acres number. The USD is trading below 100.00 as well. For today, we will use 4.99 & 13.58 for support and 5.18 & 13.91 as resistance. NFC Grain Comments Options -7.14.23 (1)