StoneX drops their corn estimate but bumps soybeans
Corn and soybeans bounced back overnight after some strong selling yesterday. Funds were estimated to have sold 9500 contracts of soybeans and the November contract settled below the 200-day moving average. Yesterday afternoon, StoneX released its updated production estimates. They dropped their corn number 2.8 bushels per acre to 173.2 but bumped up their soybean number .5 bushels per acre to 51.8. Some will argue that this is a bigger number than Pro Farmer, but we look at it as a shrinking corn crop right now and how close will the USDA get to 170. Soybeans look to be in good shape and will see price pressures going into harvest.
Ukraine shipped 5 MMT of grain in August and is shooting for 8 MMT in September as they need the income and storage. For today, we are watching 6.55 & 13.91 for support and 6.72 & 14.32 for resistance. NFC Grain Comments Options -9.2.22 (1)