Wetter 6-10 day forecast overnight has prices backing up

Corn and soybeans are a little lower after the overnight weather models put more rain in the 6-10 day forecasts. The markets are looking to front run better weather patterns but there are lingering concerns that some corn has been damaged too much to fully recover yield potential. We have the July WASDE next week and most are looking for a cut in corn yield, but it would not be out of the question for the USDA to kick the can to the August WASDE to watch the weather pattern and crop conditions for another month. Soybeans still have full potential for trendline even with short plants due to dry conditions in the early plant cycle. For today, we will use 4.99 & 13.23 for support and 5.10 & 13.64 as resistance. NFC Grain Comments Options -7.7.23 (1)

Sign up for text alerts from NFC! Enter your mobile number to join: