Fed interest rate decision today

Soybeans are retreating this week adding 16 cents in losses this week in May after dropping 50 cents last week. November soybeans are moving lower faster dropping 30 cents this week and are trading below $13.00. Managed money has gone short corn as of last week for the first time in 2 years. They have sold over 280K contracts in the last month and were short 55K contracts as of March 14th. It looks like fund managers have been doing the same thing with long soybean positions the last week and a half. They came in long 127K contracts of soybeans. CFTC should be caught up by the end of the week on commitment of traders. We will get the next interest rate decision out of the Fed this afternoon with an almost 90% chance of a 25-basis point hike moving the federal funds rate to 4.85%. Market participants will likely be more interested in Chairman Powell’s comments on future guidance. China was back in buying another 178k tons of corn. For today, we will watch 6.25 & 14.55 for support and 6.37 and 14.85 for resistance. NFC Grain Comments Options -3.22.23

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