Markets oversold but decent rains could hold prices down.

The grain markets witnessed heavy selling last week despite a friendly acreage report on Thursday. Major moving averages have been violated and momentum is negative. Weekend weather was favorable production but have we already sold off enough that the market takes that in stride. Biden is talking about rolling back tariffs on China as their economy opens up could be the bullish news the grain markets need for a bounce but the dollar index putting in new highs is not helping the cause. Looks like we could see a soft open this morning and could take out Friday’s lows right away. Watching 5.90 in December corn and 13.76 in November soybeans for support. NFC Grain Comments Options -7.5.22

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