Brazilian trucks protest Lula de Silva election

Corn and soybeans both jumped double digits yesterday on the Russians pulling out of Ukraine and Brazilian truckers protesting Lula de Silva winning the runoff vs Bolsonaro who was pro-trucker. This has spilled into the soybean market overnight as it could affect Brazil’s soybean exports short term. The USD has backed off yesterday’s gains down 70 cents overnight but has not broken down to last week’s lows as the financial markets focus on tomorrow’s rate hike which looks to be 75 basis points. We will hear what the forward guidance looks like but we also have Mid-term elections next week and they may try and paint a rosy picture beforehand. For today we will watch 14.45 and 7.00 as first resistance and 13.98 & 6.77 as support. NFC Grain Comments Options -11.1.22

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