Good morning! Corn is up 1 ¼ cents, soybeans are up 12 cents and wheat is up 5 ½ cents/bushel as of the biscuit break.
Soybeans gapped higher overnight and are back challenging key psychological resistance at $10.50 to start the week – a level the market has failed to close above since July 2016. Nearby corn took out key resistance at $3.90 overnight and remains solidly above the 62% retracement level at $3.86 to start the week. Nearby corn and soybean open interest is now the highest of any time in the last 15 years (see Food for Thought)… Click here to view