China continues to relax Covid policies

Corn had a good week last week gaining 13.25 cents while soybeans finished nearly unchanged on the week. China relaxed Covid policies even more over the weekend. Many are looking at this as a total opening of China and should be supportive commodity markets at least in the short term. Argentina received some decent rains over the weekend, but the forecast shows only scattered showers and warmer than normal temperatures the next 10 days. Much of the damage has already been done in Argentina and S. Brazil and the USDA will have to address it in the next WASDE. The rest of Brazil is doing well and will offset its far southern areas. Grains look to open higher today at 8:30 with the China news but we will need to see trade above 6.85 in March corn and 15.01 in March soybeans to get really excited. NFC Grain Comments Options -12.27.22