Grains and energies lower overnight

Grains are lower across the board as is crude and RBOB. Black Sea wheat is moving out of Russia according to ICAR. Russian is loading wheat in the Azov Sea and accessing the Black Sea thru the Kerch Strait. No word on the destinations of these ships but all guesses would be China. China has locked down Shenzhen due to spikes in Covid cases and this is putting pressure on the crude market on worries these lock downs may expand. A 4th round of peace talks are scheduled between Ukraine and Russia this morning but we don’t know if there is any optimism to the talks. Will have to watch to see if the overnight lows holNFC Grain Comments 3.14.22 (1)