Energy pulling grains lower?
Corn and soybeans finished last week down 8 cents and up 36 cents respectively. The USDA surprised the soybean market with a much bigger than expected cut to production to drive it higher before it fell back towards the end of the week. Overnight both are a few cents lower as we turn our attention to what the FED is doing this week with interest rates with a 75-basis point most likely but they could do more. US/China tensions over Taiwan continue to rise but China is still buying our soybeans as they announced another 136k tons over the weekend. Throw some harvest pressure on top and look for some softer prices to start the week. For today, we will watch 6.65 & 14.38 for support and 6.88 & 14.75 for resistance. NFC Grain Comments Options -9.19.22 (1)