Markets backpedaling

Grains are sharply lower overnight as the markets took out the conflict premium from the initial invasion. From what we are hearing Russian troops have been stopped short of Kiev and China’s President Xi talked to Putin suggesting the negotiation route should be the next step. We are basically back down to levels we were trading before the invasion so watch 6.48 in May corn and 15.60 in the May soybeans for major support. It is hard to believe this is over but watch these support levels closely. Weekly exports were better than expected across the board and China was in for 334K of soybeans. NFC Grain Comments 2.25.22 (1)