April brings a surprise cut by OPEC+

After some positive news out of quarterly stocks on Friday, OPEC+ gave the corn and soybeans another boost for the Sunday night open. Overnight, Corn was up 5 cents and soybeans up 12 cents on the news that OPEC + will cut somewhere around 1.1 to 1.2 million barrels of oil per day. This took crude back over $80.00 per barrel overnight and it is trading just below there currently. We will have to watch this closely as a failure back to unchanged or lower on the day could signal bigger problems on the demand front. Another big winter storm is forecasted for the Dakotas and Minnesota this week with over 2 feet of snow possible in some areas. It will be slow spring up North and it will be hard for them to get in all the corn acres intended in Friday’s report. For today, we will use 6.55 & 15.05 for support and 6.72 & 15.22 as resistance. NFC Grain Comments Options -4.3.23

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