Dry forecasts and Black Sea canceled

Corn, soybeans and wheat futures opened higher last night as markets try to price in Russia canceling grain corridor and limited rains over the weekend being followed by a drier forecast that may or may not get hot as well. We are a little surprised that markets have not put on more gains, but we may have had some pre-buying last Friday in anticipation of Russia pulling out of the agreement. We need to be careful getting too confident since Russia can come back to the agreement whenever they see fit, so we are looking for hedging/cash sales levels with re-ownership on breaks. Look for some buying to start the day but will need to see the overnight highs challenged to keep the sellers from coming back, especially in corn. For today, we will use 5.10 & 13.59 for support and 5.26 & 13.91 for resistance. NFC Grain Comments Options -7.17.23 (1)