China reiterated adherence to Zero-Covid policy over the weekend

News late last week had China relaxing its stringent Covid policies for its citizens and foreign travelers moving forward. This gave traders the thought that China consumption would move higher and with a stronger than expected jobs number on Friday the stocks and commodities moved higher to end the week. Over the weekend, China reiterated they planned to adhere to current policies and gave no forward guidance otherwise for now. This had commodities backing up last night but have moved off their overnight lows and are closer to unchanged at the morning pause. The USD continued its move lower from Friday and is trading under 110.50 currently and a close under 110.765 will bring selling pressure to challenge 109.36. This will obviously buoy commodity prices if it continues to break. We have a busy news week with the mid-term elections tomorrow and November WASDE on Wednesday. For today, we will be using 6.76 & 14.28 for support and 14.65 & 7.00 for resistance. NFC Grain Comments Options -11.7.22

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