Still quiet on the Eastern Front

Corn and wheat have fallen back overnight as the bulls have not been fed any Black Sea headlines the last two nights. The bulls do have high temperatures moving across the Corn Belt that will help their cause. It does look like the 1st week of August will bring more chances of rain and milder temperatures, but the soybean market has yet to buy into that forecast. Perhaps soybeans are waiting for the high temperatures to pass before moving lower. We have seen some action in soybean exports this week which is interesting considering the big premium we are carrying over Brazil. For today, we are using 5.50 & 13.91 for support and 5.72 & 14.30 as resistance. We are targeting 5.75 to 5.80 to add sales in corn and 14.28 to 14.35 for soybeans. NFC Grain Comments Options -7.26.23