After putting in new lows for the move in both corn and soybeans yesterday, both markets bounced back to finish 6+ cents higher on the day. Overnight the buying continued with corn up 12 cents and soybeans up 37 cents. Both markets were due for a bounce and they both have upside gaps to fill at 6.05 and 13.91 ¼ respectively.
If the funds are done selling on macroeconomic fear/ end of inflation trade, we can go back to trading the weather the rest of the month and the 2nd half of July could get interesting with drier and warmer weather. Look for firm pricing to start the day and see if they can hold the majority of the gains. NFC Grain Comments Options -7.7.22 (1)