The bullish news fading already?

Corn and soybeans have received some very supportive news the last few days. Tighter than expected stocks and a surprise OPEC decision to cut production significantly had both moving higher the last two trading sessions. Pair these with another significant snowstorm across the Dakotas and Minnesota starting today has us scratching our heads on this pull back overnight. The forecast for next week has turned warmer but seems early for the markets to have too much pressure on them. StoneX did raise their estimates for Brazilian corn and soybean production to 131.4 MMT of corn and 157.7 MMT of soybeans. These are probably the highest numbers we have seen so they are likely bringing a little pressure, but they shouldn’t surprise anyone, and that corn number needs to prove itself out. NFC Grain Comments Options -4.4.23