Grain Markets Commentary
Stronger trade to end the week?
For the week so far, corn has gained almost 10 cents while soybeans are off another 33 cents after losing 12 cents last week. Last Friday, both finished the week with higher trade and the overnight action may have foreshadowed the same thing today. Yesterday, corn bounced out of the lows at the Mid 6.50’s held support again yesterday, but soybeans dropped 12 cents and traded below 14.10 before bouncing a little to finish at 14.17. Crude oil continues to break and is trading under $80 per barrel this morning with worry on demand here in the US and China as Covid numbers spike again. This makes corn trading firmer even more impressive. For today we will watch 6.56 & 14.12 for support and 6.75 & 14.31 for resistance.