Happy Friday! After a higher start, corn, beans, and winter wheats have retreated into negative territory.
More rain in the 6-10 day forecast for the Midwest with a slightly wetter forecast than yesterday. However, the next 7 days looks drier for soybean planting.
Will Mexico’s move to increase Guatemalan border security be enough to avoid the 5% tariff that’s scheduled to go into effect on Monday? Reportedly, 6,000 National Guard troops will move to the Mexico/Guatemalan border. More negotiations are scheduled for today.
Have a great and safe day!
Corn: 8 ¾ carry.
Soybeans: 13 ½ carry.
July corn: support at the 404 ¾ gap. Longer term support at 387. Next resistance now at 425 ¼.
December corn: first resistance at 444, then at the contract high at 454. Maybe resistance every dime higher, but nothing stands out.
July soybeans: short term support at 857, then 83 ½. Longer term support 817. Resistance at 894 ½.
November soybeans: Support at 884 ½, then 880 ½. Longer term support at 843. Resistance at 919, then 940 ¼.