Good morning! Report Day! Soybean market was back to nearly unchanged by the coffee break, but corn and wheat remained under pressure. Corn, beans, and wheat all traded within yesterday’s ranges in the overnight session. Now we wait for the WASDE report at 11:00 am CT.
Looking ahead, it still looks wet and cool for any more planting and development. The eastern belt still has a wet, cool pattern for the next 10 days. The wettest areas favor MO, IL, IN, and OH. Hearing after Thursday the Indiana farmer will be done with planting, just too late and wet.
Details on MFP 2 still in the works. Trump and Purdue in Iowa today taking a tour of an ethanol plant. Any news will be seen as supportive to agriculture.
Have a great and safe day!
Corn: 8 ¼ carry.
Soybeans: 13 ¾ carry.
July corn: support at the 404 ¾ – 407 gap. Next resistance now at 422 – 425 ¼, then 436.
December corn: Short term support at the 420 -422 ½ gap. Longer term support 405. First resistance at 444. Maybe resistance every dime higher, but nothing stands out.
July soybeans: Next support at 848 ¾, then the gap from 831 ½ – 837 ½. Longer term support 817. Resistance at 866 ½.
November soybeans: Support at 875, then the gap from 858 – 864 ½, then 843. Resistance at 910-921 ¼, then 940 ¼.