Grain Markets Commentary
China easing Covid policies?!
Overnight news outlets reported that China is easing Covid policies by trimming mandatory quarantine times and cutting back contact tracing. This popped the crude and soybean complex markets during the night session. Soybeans took back most of yesterday’s losses and crude is back close to $90 a barrel. This is a big reversal of fortune for a soybean market that had turned bearish and was looking to head back to $14.00. We will see if January soybeans can close above 14.55 giving the bulls some confidence. Corn is only slightly higher even with crude higher and the USD still moving lower aggressively. Watch 14.22 & 6.50 for support and 6.75 & 14.55 as resistance. NFC Grain Comments Options -11.11.22