Has corn topped out?

The grain markets are lower overnight with corn, soybeans and wheat off double-digits across the board. We had a heck of a rally last week and yesterday for corn and wheat as Pro Farmer tour escalated concerns for corn production which propped up the soybean and wheat markets as well. The crude market dropped a little overnight as well which has added a little pressure. In other bearish news, the committee running the Ukrainian Grain Corridor estimates they could move up to 6 MMT of grain in October. The Grain Corridor has been a smashing success by all accounts so far and looks like they are very optimistic about ramping up and from the sounds of it Ukraine needs the storage for this year’s crop badly too. Supportive news out of Ukraine is winter wheat seeding is expected to be down 20% due to the war. For this morning we will be watching 6.65 & 14.08 for first support. The soybean market is trying to turn negative and any trade below 14.00 could run to 13.70. NFC Grain Comments Options -8.30.22 (1)

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