Corn and soybean rebound as Ukraine conflict continues

Both corn and soybeans lost over 20 cents on Tuesday as it was reported that Russia was willing to deescalate the war if Ukraine was willing to meet certain criteria. Now it seems like it was more of a repositioning of troops around Kyiv and reports of the Russians trying to take control the port city of Odessa. This has the overnight market taking back about half of yesterday’s losses. Tomorrow we have the acres intentions and quarterly stocks report at 11am. The average guesses are 92 million corn acres, 89 million soybeans and 48 million wheat. We don’t have enough acres as there are so many profitable crops currently so expect one or more to get shorted. For today watch the overnight lows of 726.75 and 1638.75 for first support today and we could see some more buying out of the gate this morning. NFC Grain Comments 3.30.22 (1)