What will the USDA print on Monday?
Corn and soybeans are working higher overnight after trading weaker yesterday. Most are obviously waiting for USDA latest release on Monday in which we are likely to see a decent cut to corn production and little to no change in the soybean crop. We are still in the dark on export sales the last 3 weeks so it is hard to get a handle on export demand to start the new marketing year. The bears in the market want to tell you demand will be lower with the strong dollar and high grain prices in the US but we have no real grasp of what sales are being booked under the 100K ton threshold of flash sales. Right now the market is telling us demand is fine and supply could be short. Putin and Turkish President Erdogan are meeting next week and will discuss renegotiating the corridor deal. This could bring more bullish trade but the Ukraine export situation has already been cut by the USDA so it may be muted a bit. For today we will be watching 6.56 & 13.75 for support and 6.88 & 14.32 for resistance. We are looking to buy any major dips in both corn and soybeans after the report on Monday. We are targeting 6.35 or better in corn and 13.50 or better in soybeans. NFC Grain Comments Options -9.9.22