Overnight news appears supportive

The EPA is proposing a rule to allow expanded sales of E15 in the Midwest, CHS Hedging said. That would be a welcome sight for the industry, but the rule in its current form is not slated to take effect until 2024.

"Brazilian fertilizer buyers have stepped out of the market as prices remain under pressure for all products," ADM Investor Services said. "Rumors that India will purchase 2 million metric tons (mt) of urea in its latest tender spurred some sellers to consider higher prices, but buyers are unwilling to commit."

U.S. corn crop insurance was revealed today, marking the "highest guarantee in the last 12 years," ADM Investor Services said. "Still, the crop insurance prices seemed unlikely to shift planting expectations much from forecasts released by the USDA last week for 91 million acres of corn in 2023, up from 88.6 million acres the previous year, and 87.5 million acres of soybeans, steady with 2022."