Will we see profit taking or funds extending longs?

Corn and soybeans lost a little ground yesterday. For the week soybeans are up 74 cents while corn has backed up almost 20 cents. Soybeans have been riding the fund flows triggered by crop losses South America while corn is running up against some burdensome ethanol stockpiles and lower ethanol prices. Then China canceled 380k tons of corn which on its own should not matter unless we see more of this as China has a lot of unshipped corn on the books. Overnight both finished near unchanged and we will be looking for funds to extend longs or take some profits. The dollar index turned from 18 lower to 22 higher with a surprisingly strong jobs report. NFC Grain Comments 2.4.22 (1)

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