Big Rains across the Belt and more strikes in the Black Sea

After major losses across the board last week, grains and oilseeds traded mixed overnight. Big rains in parts of the Midwest but coverage was not as good as the maps might suggest and the rain will help the soybeans way more than the corn and that is why soybeans are off 30 cents overnight. We have back and forth attacks between Russia and Ukraine, so the situation is escalating. Some think this will bring Russia back to the Grain Corridor and maybe that is why the reaction is muted. A bigger story for the wheat market may be India possibly pulling their wheat import tariff. India is the 2nd biggest consumer of wheat behind China so if they need to start importing wheat that could really tighten up the world supplies. China was in for a small amount of soybeans but Mexico bought a chunk of corn. For today, use 4.81 & 12.88 for support and 5.20 & 13.41 for resistance NFC Grain Comments Options -8.7.23

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