First ship leaves Ukrainian port of Odessa

Corn and soybeans finished an explosive week up 56 cents and $1.53 respectively. High temperatures for early August pushed soybeans higher and pulled corn with it. Overnight both traded a lot weaker than expected as the weather has not changed too much but some bearish global events are taking the forefront along with some corrective trade from last week’s rally. On the global stage the first ship has left the port of Odessa filled with 26K tons of corn headed to Lebanon. There are up to 20 other ships loaded and ready to sail with grain from before the invasion. Speaker Pelosi is going ahead with her trip to Taiwan which will cause tension between the US & China and that will add pressure to the grains. Brazil corn harvest is at 73% as they will post a record total crop of around 115 MMT or better. For today, we expect some more pressure early and we have a gap in December corn at 584 ¼ from last Tuesday. Soybeans have some room to run as well with 14.11 as next support. NFC Grain Comments Options -8.1.22 (3)