Wetter Euro Model for WCB next week

This week’s corn and soybean rally was stymied by yesterday as the noon weather run had the Euro model putting rain chances in the 6-10 & 8-14-day forecasts for parts of the WCB. Corn dropped 8 cents and soybeans backed off 25 cents and finished slightly lower on the day. The overnight trade digested the forecast and started trading back higher as Europe remains hot and dry and we have USDA’s August WASDE tomorrow with many analysts getting ready for a bullish report. The USDA will have to address the EU crop and possibly bring modest cuts to the US but we are not looking for significant cuts in this report. We expect a decent chance of a pullback post report regardless of what is printed and then recalibrate. For today, we are watching 6.10 and 14.08 for support and 6.30 and 14.55 for resistance. NFC Grain Comments Options -8.11.22

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