Will Argy rains keep pressure on the market?

Corn and soybeans have both been working lower since the middle of Friday’s session.

Corn peaked near 5.10 and soybeans at 13.18 area.

Corn finished down 9.5 cents and beans were off 13.25 cent.

They moved below 5.00 & 13.00 respectively which has the bears attention.

Good rains across 2/3 of Argentina’s growing areas yesterday and into today but forecast turns back dry for the short term.

Brazil remains dry and hot this week, but the north has rains starting mid-week. We will likely see planting continue after these rains if realized. They started planting early enough that we will need to see bigger delays for it to affect harvest/export timelines.

Support and resistance

4.88 & 13.08 for support

5.06 & 13.33 for resistance NFC Grain Comments Options -10.23.23

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