USDA Report nothing to say here.
Look at longer chart numbers
Corn
Weekly there is a gap at 626-629.50
13 week avg = 540.74 and 52 week = 535.50
Weekly close above 554.75 one could target 608
Monthly
12 month avg = 554.75 and 3 month = 537.50
Support 525 and IF we close under that for the month we could target 475.50
Dec. 22 corn contract imho res at contract Highs 534.25-538.50
If I was a producer I would hedge some and risk close above 550
Beans
Weekly support 1213 and 1171
Res: 1265 and 4 week avg 1275
Monthly
Res: 1265 and 1290
Support 1200-1172
China/backing off there ethanol mandate
Support long term items
Fertilizer prices
Inflation (30 yr. High 4.3%)
S.A. and La Nina
We could see a seasonal Oct break and beans looking for harvest lows
Be Safe
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