Record soybean crush for September
Corn is trading lower while soybeans are trying to grind higher.
Yesterday, corn was off 3.25 cents, but soybeans were up 6.0 cents.
Overnight the same theme, corn down a penny and soybeans up 6 cents.
Sept NOPA crush numbers were supportive.
165,456 million bushels were crushed in September which is a record for the month of September, but bean oil stocks have dropped to lows not seen since 2014.
Friendly numbers but November beans need to move through last week’s high of 13.00.
Corn trading is less positive, and the momentum looks to be negative as it looks to trade back towards 4.70.
Brazil remains dry and hot this week but could see rains in week 2
Argentina remains dry and under stress across 75% of their growing region but have widespread rains forecasted for this weekend.
If these rains confirm look for downward pressure on prices as planting has stopped in dry parts of Brazil due to lack of moisture.
Support and resistance
4.85 & 12.70 for support
5.06 & 13.00 for resistance NFC Grain Comments Options -10.17.23 (1)