European banking fears move to the forefront

Corn and soybeans staged a rebound yesterday during the day session finishing up 7 cents and up 2.5 cents with helping pull the complex higher. The overnight session was higher early as well, but the European stock market took a hit as the bank contagion spread to European bank stocks. Credit Suisse is in the cross hairs of concerned traders now and a failure of the 7th largest bank in the world will send shockwaves through all markets. In better news, China was in for the second day in a row to buy corn which brings their total buys to 1.279 MMT of old crop corn in 2 days. We need to keep our expectations tempered but this could be a game changer if China decides they need to buy a bunch of our corn as Brazil is slow to get 2nd crop corn planted and Argentina’s crop keeps shrinking. We also need to watch the Black Sea negotiations as Russia seems to be playing games. For today, we will watch 6.12 & 14.85 for 1st support and 6.29 & 15.05 as 1st resistance. NFC Grain Comments Options -3.15.23