We are in an Argentina weather market

Last week, corn finished up 9 cents while soybeans lost 4 cents. Soybeans still have the better story and they saw strong export sales last week while corn traders are worried about tepid export demand and rising ethanol stocks. Corn is in a seasonally strong timeframe until the 1st of the year and would explain the 15 cent bounce off the lows but maybe fighting some stronger headwinds going forward. March corn has not been able to close above 6.55 on this run higher and that is a concern technically. Soybeans have a tight domestic balance sheet with strong crush and strong export sales but are very sensitive to SA weather right now especially Argentina. Argy has been in a drought but with better rains over the weekend and a wetter forecast yesterday had soybeans and meal trading double digits lower before the overnight maps turned back drier and we saw a little recovery so we will keep a close eye on anymore changes. We will be concentrating on any decent bounces, especially for new crop contracts to get some more hedges on the books. For today, we will watch 6.42 & 14.55 for support and 6.55 & 14.84 for resistance. NFC Grain Comments Options -12.19.22

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