Crude is backing up.

The grain markets are lower again overnight as crude oil prices back up for the second day in a row. Most are talking about recession fears and concerns about China’s Zero-Covid policy bringing down demand. Corn seems to be following crude for the time being especially with talk of the Grain Corridor ramping up shipments as time goes on. Like we said yesterday the Grain Corridor has been a wonderful success so far and our concern is what happens late fall early winter. Will Russia ramp up activity after a hard freeze and tank mobility improves? Time will tell. Overall headline news is negative to start the day so we will watch 648 & 14.08 for good support this morning. NFC Grain Comments Options -8.31.22