Are the Putin highs already in?

Corn and soybeans finished lower yesterday after a big pop on Putin saying the current Ukraine agreement was a scam and wants to renegotiate where the shipments can go. He thinks they need to be going to poorer countries with food scarcity issues and Turkish President Erdogan has sided with him so look for more rhetoric on this issue. Wheat did hold some of its daily gains but the weakness in corn and soybeans has traders looking for more selling in the short term. Crude oil moving towards yearly lows made it hard for corn and soybeans to stay positive. The Bloomberg Survey for Monday’s WASDE report has an average corn yield cut of 3 bushels per acre down to a 172.4 yield and a 0.4 bushel per acre cut to soybeans for a yield of 51.5. The estimates do match what we have been seeing from private companies cutting corn and leaving soybeans close to the current USDA level. For today still watching 656 for support in corn & 13.76 for soybeans and 6.85 and 14.32 for resistance. NFC Grain Comments Options -9.8.22 (1)

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