Crude rallying out of yesterday’s lows.

The Chinese protests over the weekend had commodity markets on the defensive Sunday night but during Monday’s day session they found some buyers with crude and soybeans leading the way. These would be two of the commodities most affected by lower demand out of China, so it was very interesting. It seems unlikely that the CCP will back down easily but may give some symbolic gestures towards easing restrictions but should be taken with caution. On the other hand, Argy is really dry, and Brazil has some issues that may be eased with rains next week. March soybeans broke through and settled above the trendline at 14.56 and more trade above this level is friendly. March corn is trading between the 100 DMA (660.5) and the 200 DMA (674.25). We will be watching those levels for corn today and for January soybeans watch 14.49 for support and 1493.5 for resistance. NFC Grain Comments Options -11.29.22