Beans Higher Today
Beans are up over 20 cents today in old crop, even new crop November beans are up around eight cents. The dollar is lower today, still too dry in Southern Brazil and Northern Argentina and also very supportive, Gordy mentioned on the air this morning that AgRural cut its Brazil production forecast to 87 MMT, down 1.8 MMT. So, at least the crop is getting smaller in South America, not bigger. Corn still struggles at $4.50 in the March Contract. That is a very strong level of resistance. There are likely a lot of buy stops just above that level so if we can hit those the corn market might be able to run. The next level of resistance in corn would be $4.75.