Jul 14, 2023

Corn goes into the weekend with a firm 13 cent higher finish on Friday.  Soybeans worked a 30-cent range throughout the session and provided plenty of opportunity on both sides of unchanged before settling 1-9 higher.  Trade was not afraid to buy going into the weekend despite weather forecasts adding precipitation into next week.  A quick look at the corn charts shows that we have a nice setup and some room for a decent rally if these rains don't materialize.  Soybeans also have potential to break out higher with the charts forming a potential bull pennant going back to the May low.  It will be important to take notes on how November soybeans want to act inside of the 1390-1400 area if we are able to get back to those price levels.  Catching up on sales when hovering near 1400 futures isn't a terrible idea.  New crop corn in the $5.00-5.10 range is a realistic target, as well.

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