Weekend rains were not enough to depress prices further

After a lower close on Friday, the markets were looking for better coverage and maybe Friday’s drop was mostly profit taking. Ilinois looked to be the big loser and the Dakotas were the big winners. Iowa looked to have decent coverage, but the totals looked spotty. Fund managers were big buyers the last two weeks and must have turned off the buying on Friday to wait for the weekend weather. They are long an estimated 66K corn contracts and 83k soybeans and if they look to add this week with more dry weather and hotter temperatures before the Quarterly Stocks & Planted Acres reports, we may see a run at the highs. For today, we will use 5.75 & 12.90 for support and 6.20 & 13.36 as resistance. NFC Grain Comments Options -6.26.23 (3)