Ukraine and Weather!

Corn and soybeans finished slightly lower yesterday and continued to back up overnight. Russian missiles hit Ukrainian port city of Odessa for the 4th day in a row but the markets are having a hard time keep the weekly gains today. We have a hot and dry forecast for next week, but the early August forecast looks more in line with normal precipitation and temperature. The question is will the market be forward looking next week as corn across Iowa and Illinois is rolled up in the dry heat? It is hard to believe the market will fall back to 5.00 just yet but be ready to sell the upper end of the range, the 5.55 to 5.65 area. Soybeans should still have some legs but would look to sell 14.35 or better for hedges. For today, we will use 5.32 & 13.70 for support and 5.62 & 14.28 for resistance. NFC Grain Comments Options -7.21.23