The proposed blending level proposals for the next three years were released yesterday and while they were higher, they were not as high as hoped. This caused weakness overnight but both contracts gained into the morning pause even though export sales were weak across the board. The USD did break through the 200-day moving average this morning and is trading at the lowest level since early August. Lets see if that brings more buying in the early part of the day session. Many still looking for China to move away from Covid Zero policies opening up more demand.
Let’s watch the overnight lows of 6.62 & 14.55 for support and 6.75 & 14.82. NFC Grain Comments Options -12.1.22