The Heat is On!
After a big rebound last week out of the lows, Sunday night’s action was hot like the forecast for the next 2 weeks. Corn opened up 30 cents higher and soybeans 45 cents before backing off to finish the night session up 19 cents in each. It was a gap open last night so we may see some pressure early in the session. We have the July WASDE tomorrow and while most estimates look for a neutral report there is some concerns about demand longer term we doubt they will cut the usage too much this report. The focus will be on the weather and if we get a break in the heat or more rain comes into the forecast we could see a quick reversal in price action. Watching 6.38 and 14.04 for support, those are the lows from last night. NFC Grain Comments Options -7.11.22 (2)