Bouncing out of the lows

Corn and soybeans are trying to rebound from the recent sell-off as macroeconomic uncertainty causing funds to shore up capital and trim positions, but recent China corn purchases had the corn already working off its lows. Now soybeans have joined the party trading 30 cents off yesterday’s low in the May contract. Russian agreed to a 60-day extension of the grain corridor over the weekend, but China’s President Xi is visiting Putin and while China wants grain to continue to move if China were to supply Russia with weapons it would escalate tensions with the West. China was in for another 136k tons of corn this morning. For today, we will use 6.25 & 14.62 for support and 6.40 & 15.00 for resistance. NFC Grain Comments Options -3.21.23